Our experts have a reputation for their knowledge and networks
Meet the team
Marco Bellino
Partner
Marco joined PAI in 2025 as Head of the Flagship Fund in Italy.
Marco joined from Ardian, where he played a pivotal role in expanding the firm’s coverage and building the Italian buyout team over the course of 12 years. During his time at Ardian, he advanced to the positions of Managing Director and Deputy Head of Buyout Italy.
Prior to this, Marco worked as an investor at Hutton Collins and began his career in investment banking at UBS.
Marco graduated from HEC Paris.
Jessica Cascelli
Investment Officer, Mid-Market Fund
Jessica joined PAI in 2021 as a member of the Mid-Market Fund Team. She has been involved in the Beautynova, Orion and Scrigno investments.
Prior to joining the MMF Team, she interned at PAI for one year, participating in the acquisition process of Pasubio, and previously completed an internship at Ardian.
Jessica holds a Bachelor’s Degree and a MSc in Business Administration and Management from Bocconi University in Milan.
Andrea Degioanni
Principal
Andrea joined PAI in 2025 as a member of the Italy Team.
He previously spent eight years at The Carlyle Group in Milan, where he focused on investments in the industrial and food sectors in Italy. During his time there, he contributed to the growth of the local team and most recently served as a Principal.
Andrea began his career in Investment Banking at UBS.
He holds a MSc in Finance from Bocconi University.
Andrea Lampugnani
Investment Associate, Mid-Market Fund
Andrea joined PAI in 2025 as a member of the Mid-Market Fund Team. He has been involved in the Orion investment.
He joined from Goldman Sachs, where he spent four years and worked as an Investment Banking Associate in the Industrial Team, having started there as an Analyst.
Andrea holds a Master’s degree from Bocconi University.
Stefano Shuster
Executive Director, Mid-Market Fund
Stefano joined PAI in 2019. He spent six years in the Flagship Fund, where he was involved in the Pasubio investment, before moving to the Mid-Market Fund in 2025. He has participated in the Orion investment.
Prior to joining PAI, Stefano spent three years at The Boston Consulting Group, one year in Morgan Stanley’s Investment Banking Division in London and two years at OpCapita, a London‑based European mid‑market private equity firm.
Stefano holds an MBA from London Business School and a MSc in International Management from Bocconi University.
Anna Silvestri
Investment Officer, Mid-Market Fund
Anna joined PAI in 2025 as a member of the Mid-Market Fund Team.
She joined from Jacobs Holding where she worked as an Investment Associate in London. Prior to that, she was a Junior Engagement Manager at McKinsey & Company in London and Milan. She also completed a six-month internship at PAI in New York. Anna holds a MSc in International Management from Bocconi University and a Master of Science in International Business from Fudan University. She also holds an MBA from Columbia Business School.
Raffaele Vitale
Founding Partner, Mid-Market Fund
Raffaele joined PAI in 2002 as a member of the Italy Team and has been involved in a number of investments including Arlettie, Beautynova, European Pizza Group, Gruppo Coin, La Compagnie des Desserts, Marcolin, Orion, Saeco, Scrigno, The Nuance Group and Uvesco. In 2020, he became one of the Founding Partners of the Mid-Market Fund Team.
Raffaele started his career in the Corporate Finance department of Chase Manhattan Bank in New York, London and Milan. In 1993, he became one of the Founding Partners of Vitale Borghesi & Co, which became part of the Lazard Group in 1998.
Raffaele graduated from Rollins College (USA) in Business Administration.
