One book, three disciplines, a single thesis

Elisabetta Gualandri has over 40 years of experience across academia, financial institutions and corporate governance. Until 2023, she was Full Professor at the University of Modena and Reggio Emilia (UNIMORE). Former member of the Bank of Italy's Board of Statutory Auditors and Independent Director at BPER and Credem, she has chaired Risk and Sustainability Committees. Since 2022, she has been non-executive Chair and independent Board Member of Tages Capital SGR, with expertise in governance, risk management and ESG.

Matteo Fanciullacci joined Edizione S.p.A. as Chief Financial Officer in 2025. Prior to joining Edizione, he served as CFO, Head of M&A and member of the Investment Committee at CDP Equity from 2018 to 2025. He began his career in investment banking at Deutsche Bank before joining Merrill Lynch in London and later Goldman Sachs, where he spent eight years in the Italian Investment Banking team, progressing to Executive Director. Matteo Fanciullacci holds a BA in Business Administration and an MSc in Accounting, Corporate Finance and Management Control from Bocconi University.

Massimo Fava joined Edizione S.p.A. in 2001 and has worked closely with the group's leadership for over 25 years. He has been responsible for the Finance function, while also gaining extensive experience in equity investments and asset management, including bank and capital market financing, M&A transactions, derivatives strategies and the management of the group's listed and unlisted equity portfolio. He also serves as a Board Member in several Edizione-controlled companies and as a member of the Advisory Board of a number of private equity funds. Prior to joining Edizione, he worked as Group Treasury and Risk Manager at Zoppas Industries. Massimo Fava holds a degree in Business Administration from Ca' Foscari University of Venice.

Irene Mastelli has over 25 years of experience in investment management. Since 2018, she has been an independent consultant specializing in sustainable and impact investing. Previously, she was Investment Strategist at Nordea and Senior Investment Director at Cambridge Associates, advising institutional investors, family offices and foundations. She is Board Member of Fondaco SGR and Tages Capital SGR, and serves on the investment committee of a family trust.

Salvatore Cordaro has extensive experience in alternative investments and hedge funds. Before founding Tages, he held senior portfolio management and manager selection roles at Credit Suisse, after serving as Senior Hedge Fund Analyst and Portfolio Manager at BSI (Generali Group). He is Co-CEO of Investcorp-Tages Limited, CIO of Tages Capital LLP, and Board Member of Tages Capital SGR and Tages Alternative Solutions. He is also a CFA and CAIA Charter holder.

Sergio Ascolani has 40 years of experience in financial services, spanning private equity, asset management, investment banking and M&A. After 3 years at Sofia, he spent 20 years at Citigroup, serving as Head of Corporate & Investment Banking Italy and member of the Global Investment Banking Operating Committee. Co-founder of Tages Group in 2011, he is now Board Member of Tages S.p.A., Tages Capital SGR, Tages Alternative Solutions and Investcorp-Tages.

Umberto Quadrino joined Tages Group in 2014 as Chairman and is currently Executive Board Member and CIO Infrastructure at Tages Capital SGR. He had previously held senior executive roles within the FIAT Group, including CFO and Executive Vice President, before becoming CEO of New Holland/CNH and later CEO of Edison (2001–2011). He graduated in Business and Economics from the University of Turin.

Paolo Galli has over 20 years of international experience in M&A and investment banking. Former Head of M&A Italy at Citi, he also led M&A activities across selected European markets after joining Schroders Investment Banking in 1998. He has strong expertise in Industrials, Infrastructure and Energy. He is now Executive Board Member and Senior Partner at Tages Capital SGR.

Carlo Michelini has over 30 years of experience in infrastructure investing and investment banking. Former Equity CIO of F2i SGR, he led equity investments and fundraising for six funds with over €7.5bn AUM. Previously, he spent 17 years at Morgan Stanley, becoming Managing Director in Milan. He is now Executive Board Member, Senior Partner and CIO of the value-added mid-cap infrastructure strategy at Tages Capital SGR.

Daniele Spada has over 25 years of experience in the asset and wealth management industry. He is General Manager and Board Member of Tages Capital SGR, as well as Board Member of Tages S.p.A. and Tages Alternative Solutions. Before joining Tages in 2020, he was CEO of SG 29 Haussmann (Société Générale) and held senior leadership roles at Lyxor and BNP Asset Management.

Pietro Pacchione leads the industrial strategy and asset management of Tages Capital's renewable and storage platform and is Vice Chairman of Elettricità Futura. Pietro holds an Executive Master in Finance from SDA Bocconi and has over 20 years of experience in renewable energy. Before joining Tages, he held leadership roles at Green Utility, Consip and ExxonMobil, and served on the boards of AssoRinnovabili and Assoelettrica.

Francesca Maderi has more than 25 years' experience in banking and finance, contributing to financial-sector start-ups in Italy and abroad. Before joining Tages in 2011, she was Head of the Organisation Department of Gruppo Banca Leonardo and had also worked at Banca IMI and Banca Intesa. Since joining, she has played a key role in the growth and evolution of Tages Group. She graduated with highest honours in Economics and Business Administration from Bocconi University.

Daniele Spada has over 25 years of experience in the asset and wealth management industry. He is General Manager and Board Member of Tages Capital SGR, as well as Board Member of Tages S.p.A. and Tages Alternative Solutions. Before joining Tages in 2020, he was CEO of SG 29 Haussmann (Société Générale) and held senior leadership roles at Lyxor and BNP Asset Management.

Umberto Quadrino joined Tages Group in 2014 as Chairman and is currently Executive Board Member and CIO Infrastructure at Tages Capital SGR. He had previously held senior executive roles within the FIAT Group, including CFO and Executive Vice President, before becoming CEO of New Holland/CNH and later CEO of Edison (2001–2011). He graduated in Business and Economics from the University of Turin.

Paolo Galli has over 20 years of international experience in M&A and investment banking. Former Head of M&A Italy at Citi, he also led M&A activities across selected European markets after joining Schroders Investment Banking in 1998. He has strong expertise in Industrials, Infrastructure and Energy. He is now Executive Board Member and Senior Partner at Tages Capital SGR.

Carlo Michelini has over 30 years of experience in infrastructure investing and investment banking. Former Equity CIO of F2i SGR, he led equity investments and fundraising for six funds with over €7.5bn AUM. Previously, he spent 17 years at Morgan Stanley, becoming Managing Director in Milan. He is now Executive Board Member, Senior Partner and CIO of the value-added mid-cap infrastructure strategy at Tages Capital SGR.

Pietro Pacchione leads the industrial strategy and asset management of Tages Capital's renewable and storage platform and is Vice Chairman of Elettricità Futura. Pietro holds an Executive Master in Finance from SDA Bocconi and has over 20 years of experience in renewable energy. Before joining Tages, he held leadership roles at Green Utility, Consip and ExxonMobil, and served on the boards of AssoRinnovabili and Assoelettrica.

With more than 20 years of experience in infrastructure and renewable energy, Guido Prearo joined Tages in 2022 after holding senior investment roles at Deloitte, Trina Solar, Canadian Solar, AE-Deutsche Bank and Macquarie. In 2021, he founded Emeren, now a leading renewable energy company in Southern Europe. At Tages, he is senior partner and deals with energy transition investments, with a strong focus on sustainability and innovation.

Saverio Rodà brings over 25 years of experience in M&A, acquisitions and project financing in the energy sector. Before joining Tages, he was M&A Director at Sorgenia. Since 2016, he has led capital investments and acquisition and construction financing deals exceeding €4 billion for Tages Capital's energy infrastructure funds. He holds a Master's in Aerospace Engineering from the University of Pisa and an MBA cum laude from the Graduate School of Management of the Polytechnic University of Milan.

Andrea Vespasiano has over 16 years' experience in corporate finance, principal investing and infrastructure investment management. Before joining Tages in 2020, he was Director at Infrastructure Capital Australia and held investment roles at Deutsche Bank, RREEF Infrastructure and J.P. Morgan. He is now responsible for infrastructure investments at Tages Capital SGR. He holds an MSc in Management and Corporate Finance from ESCP Business School.

With over 12 years of experience in investment banking, M&A and project finance, Giovanni Damia specializes in infrastructure and renewable energy transactions, particularly solar, wind and biomethane. Before joining Tages, he was Vice President at Vitale&Co and previously held roles at Mediobanca and BNP Paribas. He is now principal in Tages Capital's investment team.

Before joining Tages, Luca Gianni worked as Energy Manager and Business Development Specialist at SECI Energia S.p.A. (a wholly owned subsidiary of the Maccaferri Group), managing about 150 MW of installed capacity, from renewable to thermoelectric power plants. Luca holds a master's degree in Energy Engineering from the Polytechnic University of Milan.

Andrea Mormone has over 10 years of experience across investment banking, M&A and project financing, with a track record of transactions in the renewable energy (solar, wind and storage) and infrastructure sectors. Before joining Tages in 2019, Andrea was an Associate at Vitale & Co. S.p.A. (formerly Vitale & Associati S.p.A.), an independent financial advisory firm specializing in M&A and debt restructuring transactions. Andrea also worked in the Investment Banking team of HSBC.

Before joining Tages in 2019, Carlo Boccolini attended an internship at Herambiente S.p.A, a company of the Hera Group active in the recycling and disposal of waste, during which he approached biomethane and electricity production through waste treatment. Carlo holds a bachelor's degree in Energy Engineering from the Polytechnic University of Milan and a 1st Level Master in Energy Management from the Business School of the Polytechnic University of Milan.

Yuri Giuliani is Investment Manager at Tages Capital SGR, where he has been working since 2020, overseeing M&A, financing and portfolio management activities across renewable energy assets. Prior to joining Tages, Yuri spent 3 years in the Investment Banking teams of GCA Altium (now Houlihan Lokey) and Vitale & Co., advising on M&A and corporate finance transactions. Yuri holds a Master's Degree in Accounting, Financial Management and Control from Bocconi University.

Filippo Marini joined Tages in 2026 as Investment Manager for the Tages Infra Plus fund. Previously, he worked at ContourGlobal, supporting investment strategy and M&A transactions in the energy transition and renewables sectors, and at White Summit Capital, focusing on infrastructure investments. He graduated in Economics and Finance from Bocconi University and holds a Master's in Management from IE Business School.

Luca Monello joined Tages in 2021 and has over 10 years of experience in the energy sector. He previously worked as an M&A Project Manager at E2E, an Italian IPP highly active in the PV secondary market, and prior to that as a Technical Advisor at Praxi. Luca holds a master's degree in Civil Engineering from the Polytechnic University of Turin.

Luca Riboldi is an Investment Manager at Tages Capital SGR, focusing on investment activities, origination and execution in the infrastructure and energy transition sectors. Prior to joining Tages in 2021, he gained M&A experience at Alantra, Mediobanca and KPMG. Luca holds an MSc in Accounting, Financial Management and Control from Bocconi University and completed part of his academic studies at the Stockholm School of Economics.

With over seven years of experience in corporate finance and investment management, Jacopo Vismara joined Tages Capital SGR in 2026. Previously, he was Portfolio Manager at Kairos Partners SGR, Associate in the investment team at F2i SGR, and started his career in the Equity Research team at Mediobanca. He has extensive experience across infrastructure private equity, public markets, utilities, renewables, transport and data centers.

Giovanni Delrio joined Tages Capital SGR in January 2026 and is currently a Senior Associate. Prior to this, he spent four years in Deloitte's Valuation & Modeling team, where he was involved in financial modelling, project finance and valuation projects in the context of M&A transactions. Giovanni holds an MSc in Management (Major in Finance) from the Catholic University of the Sacred Heart in Milan.

Edoardo Cella joined Tages Capital SGR in 2024 and is currently an Investment Analyst. Before joining Tages, Edoardo worked in the Investment Banking team at BNP Paribas and previously at PwC. He holds an MSc in Management Engineering from Politecnico di Milano. During his studies, he attended EDHEC Business School as part of an exchange program focusing on corporate finance.

Martina Ciarla joined Tages in 2024. Prior to joining the firm, she worked in the investment team of the Italian Investment Fund as a Private Equity Intern. Previously, she completed an internship at UniCredit Corporate & Investment Banking in Milan. Martina holds an MSc in Corporate Finance from LUISS University and completed an exchange program at Rotterdam School of Management, with a focus on financial markets and corporate finance.

Before joining Tages Capital, Lorenzo Galati was an Analyst in the Power & Infrastructure M&A team at Crédit Agricole CIB in London. Prior to that, he gained experience in the M&A team of UniCredit. Lorenzo holds a Double Master's Degree in Corporate Finance and International Management from LUISS Guido Carli and Fudan University.

With over 20 years of experience in private debt, Giovanni Mattioli joined Tages Capital SGR in 2021. Before joining Tages, he was Chief Investment Officer of Green Arrow Private Debt Fund and previously Investment Manager at Mezzanove Capital, after starting his career in Deloitte Corporate Finance. He has extensive expertise across first-lien, mezzanine and minority equity investments.

Eleonora Astori joined Tages in 2022 as Investment Director of the private debt investment team. Previously, she was Investment Professional at Triton Partners after contributing to the development of Muzinich & Co.'s European mid-market private debt platform. She began her career at Goldman Sachs International in London. She holds a Master's degree in Finance from Bocconi University.

Silvia Palma joined Tages in 2022 as Investment Director of the private debt investment team. Previously, she was Manager in the Alternative Investments unit at Poste Vita, overseeing fund selection and due diligence across private debt, real estate and infrastructure debt. Earlier, she was Associate at Green Arrow Private Debt Fund, contributing to fundraising and fund setup. She holds a Master's degree in Finance from Bocconi University.

Matteo Marchetti joined Tages in March 2025. Previously, he was part of the Transaction Services team at PwC, focusing on due diligence for leading private equity funds. Matteo holds a degree in Finance from the Catholic University of the Sacred Heart in Milan.

Francesca Maderi has more than 25 years' experience in banking and finance, contributing to financial-sector start-ups in Italy and abroad. Before joining Tages in 2011, she was Head of the Organisation Department of Gruppo Banca Leonardo and had also worked at Banca IMI and Banca Intesa. Since joining, she has played a key role in the growth and evolution of Tages Group. She graduated with highest honours in Economics and Business Administration from Bocconi University.

Niccolò Marini joined Tages in 2022 as Chief Financial Officer, overseeing finance, planning and control across the Group and its investment platforms. Previously, he spent almost ten years at Deloitte, where he became Senior Manager, advising leading asset managers and financial institutions on strategic transactions, corporate reorganisations and capital markets projects. He holds a Master's degree in Quantitative Finance from Turin University.

Luca Barbieri is the former Head of Risk Management & Valuation at Castello SGR S.p.A., where he worked from 2010 to 2015. Castello SGR S.p.A. is an investment company specialising in Real Estate Asset Management. Prior to this, Luca was Supervisor Auditor in the Financial Services Industry practice at Deloitte & Touche, where he worked from 2004 to 2009.

With more than 20 years of experience in compliance and anti-money laundering, Daniela Provenzano joined Tages Capital SGR in 2023. Before joining Tages, she was Head of Compliance & AML at BNP Paribas REIM SGR and previously held compliance roles at Intesa Sanpaolo/Banca IMI, Fortis Bank, Ernst & Young Financial Business Advisors and Rasfin SIM. At Tages, she leads the Compliance and AML function.

Eugenio Vecellio has 20 years of experience in asset management. Before joining Tages in 2021 as Head of Sales and Marketing, he held institutional and wholesale sales roles at Pramerica SGR, launched Groupama Asset Management's Milan office, and worked at Global Selection SGR. He began his career as a consultant at Prometeia. He holds a highest honours Degree in Economics from the University of Bologna.

Angela Racca has nearly 30 years of experience in the energy sector. Before joining Tages in 2015, she founded the carbon trading firm Puraction and later led the Carbon Desk at Intermonte Holding SIM. Earlier, she held several roles at Edison, with positions in Strategies, Institutional Relations, Investor Relations and Valuation of New Investments. She holds a degree in Management Engineering from the Polytechnic University of Milan.

With more than 25 years' experience, Marcello Ciampi joined Tages in 2019 to lead the legal affairs function. Before joining the Group, he held senior legal roles at The Royal Bank of Scotland and a leading Italian hotel group, advising on complex M&A and project finance transactions. At Tages, he supports the full investment cycle of infrastructure and renewable energy projects, with a strong focus on legal risk management.

Luigi Leotta joined Tages in 2019 and currently serves as Lead Fund Administrator. Prior to joining Tages, he worked for more than two years as a Senior Fund Accountant at Objectway S.p.A., where he managed all activities related to real estate funds. Before that, he spent two years at Amundi SGR as an Accounting Specialist. Luigi holds a master's degree with honours in Corporate Finance from the University of Catania.

Aniello D'Angelo joined Tages in 2022 as a Senior Financial Accountant. Prior to joining, he was a Senior Fund Accountant at Objectway S.p.A. for more than 3 years, managing all activities related to real estate funds. Before that, he spent 8 years at Unione Fiduciaria S.p.A. as a Fund Accountant. Aniello holds a Degree in Economics from the Parthenope University in Naples.

Giorgio Ducci joined Tages in 2014 and is currently Financial Controller, having broadened his responsibilities from management control and finance to organizational processes and human resources. He began his career at KPMG, auditing clients in the Financial Services sector. He graduated in Business Administration from La Sapienza University of Rome.

Bruna Samà joined Tages in 2024 as a Financial Accountant. Prior to joining Tages, she managed the accounting for asset management companies and insurance branches. She holds a degree in Economics and Management of Public Administrations and International Institutions from Bocconi University in Milan.

Andrew Villani joined Tages in 2021, after 10 years at Bureau Veritas Italia S.p.A., where he held various positions within the finance team (treasury, accounts payable and management control). Prior to that, he worked in administrative roles at medium-sized companies. He is the head of the patient expert committee at the National Cancer Institute (INT) in Milan.

Benedetta Micucci joined Tages in January 2025. Prior to joining the firm, she spent two years at a leading law firm in Milan, specialising in white-collar crime and corporate liability matters under Italian Legislative Decree No. 231/2001. She graduated with honours in Law from the Catholic University of the Sacred Heart in Milan in 2023 and was admitted to the Italian Bar in September 2025.

After completing a Master's in Management and a Second-level Specialising Master's in Sustainable Finance at the Catholic University of the Sacred Heart in Milan, Silvia Meraldi joined Tages Capital SGR in 2023. Previously, she worked at Deloitte Consulting in the Operating Model Transformation division, specializing in Financial Services. At Tages, she is responsible for client service and sales support activities.

Rebecca Alessio joined Tages Capital SGR in 2024 as part of the Sales & Marketing team. Before joining Tages, she worked as an intern in the Finance team at Wise Energy S.r.l. Rebecca holds a Master's degree in Political Economy from Bocconi University in Milan. At Tages, she is involved in investor relations and ESG activities of the energy infrastructure funds.

Jennifer Tarzia joined Tages Capital in 2024. Previously, she was Senior Risk Consultant at Management Solutions, advising major European financial institutions and Italian utilities. At Tages, she supports investor relations, fundraising and ESG activities for the Private Debt and Infrastructure funds. She holds an MSc in Financial Economics from Erasmus University Rotterdam and a Bachelor's degree in Economics, Markets and Finance from Ca' Foscari University of Venice.

Riccardo Chiaria joined Tages Capital SGR in 2025. He previously gained experience as an Analyst at Azimut Direct. He holds a Bachelor's degree in Business Administration and a Master's degree in Economics and Financial Markets from the Catholic University of the Sacred Heart in Milan.

Fabio Scalvinoni joined Tages Capital SGR in 2023 as Analyst in the Risk Management and Valuation Team. Fabio holds a degree in Finance and Risk Management from the University of Brescia.

Claudia Pissasegale joined Tages in 2011 as Personal Assistant, taking part in the evolution of the group. Before joining Tages, Claudia served as a Team Assistant at the Royal Bank of Scotland. Prior to that, between 2008 and 2010, Claudia worked in the Marketing and Communications departments at EuroTLX and UniCredit. She holds a degree in Languages for Communication and Business from the Catholic University of the Sacred Heart in Milan.

After some months as a receptionist in 2022, Giorgia Pasquinucci returned to Tages Capital SGR in 2023 as Office Manager and Assistant. She holds a bachelor's degree in Linguistic Sciences for International Relations.