VAM Investments

Marco Piana, as CEO and founding partner, oversees the firm's investment strategy alongside the founding team. The partnership model concentrates decision-making within a small group of senior professionals rather than a broad investment committee. The founding partners maintain direct involvement in originating and evaluating both direct deals and fund commitments.

VAM runs both a direct private equity program and a fund-of-funds program. The direct side pursues majority or significant-minority buyouts and growth investments in mid-market Italian and Southern European companies. The fund-of-funds side commits capital to external GPs across buyout, growth, and venture strategies, primarily in Europe and North America.

VAM is structured as an independent private equity asset manager, not a single family office or permanent capital vehicle. It raises and manages third-party capital through a multi-strategy platform that includes direct mid-market buyout funds and a fund-of-funds program. The firm operates with standard institutional GP-LP fund structures rather than a captive or open-ended pool.

VAM targets mid-market companies in Italy and Southern Europe, typically with enterprise values between roughly €50 million and €300 million. The firm's direct strategy spans majority buyouts, growth capital rounds, management buy-ins, and complex carve-outs from larger corporates. It avoids early-stage venture in its direct book, concentrating on profitable businesses or those requiring operational transformation.

While VAM's direct buyout practice is concentrated in Italy, the firm's fund-of-funds and co-investment programs reach managers and deals across Europe and North America. VAM also selectively evaluates direct opportunities in neighboring Southern European markets. The Milan headquarters serves as the single office for all investment activities.