VAM Investments is a private equity holding company located in Milan, born in 2011 as the personal investment vehicle of its founders and since 2013 also investing selected co-investors’ capital on a deal-by-deal basis.

We focus on growth and buyout private equity investments, with a broad scope in terms of industries, taking majority or significant minority positions with active control powers and clear exit paths.

We also look for asset-based “yield” investments in renewable energy and real estate.


Ennio Valerio Boccardi

Founder & Managing Partner


  • 5 years with Palamon Capital Partners, London (Principal)
  • 2 years with Magenta SGR, Milan (Director)
  • 5 years with McKinsey & Company, Milan (Engagement Manager)
  • MBA, Columbia Business School, NY
  • MS Economics, LUISS University, Rome

Marco Piana

Founder & Managing Partner


  • 11 years in private equity with: Fondo Italiano di Investimento (Partner), 3i (Director), Magenta (Director), Investitori Associati (Senior Associate)
  • 2 years with McKinsey & Company, Milan (Associate)
  • MBA, Columbia Business School, NY
  • MS Mechanical Engineering, Polytechnic Institute of Turin

Giuliano Palazzo

Associate Partner


  • Principal investor and M&A advisor
  • 4 years principal investing with Absolute Energy Capital (Partner)
  • 9 years investment banking with JPMorgan (VP), Dresdner Kleinwort (VP) and CA Indosuez (Associate)
  • Executive Programme in Finance, Insead, Fontainebleau
  • MS Engineering, Federico II, Naples

Armando Golia

Investment Associate


  • 4 years with Principia SGR, Milan, venture capital and private equity fund (Investment Analyst)
  • Internship with Insinger de Beaufort and Crowd Puller Srl
  • MS General Management - Finance, LUISS University, Rome

Andrea Valenti

Investment Associate


  • 2 years with Banco Popolare, Finance Department, London & Milan
  • 2 years with Bank of America Merrill Lynch, London (M&A Analyst)
  • 1 year with Barclays Wealth, Milan (Graduate Programme)
  • MSc Investment Management, Cass Business School, London
  • BS Business Administration, Bocconi, Milan

Guido Maria Dania

Junior Investment Analyst


  • Internship with Mediobanca, Corporate Finance and M&A, Milan
  • Internship with Accenture Consulting, Corporate Banking, Rome
  • MSc Management - Corporate Finance, LUISS, Rome
  • BS Economics and Management, LUISS, Rome

Valeria Milanesi

Office Manager


  • 5 years Executive Assistant with Deloitte, Milan
  • 2 years Office Manager with Mexeco Consulting, Milan
  • 4 years Executive Assistant with Allianz, Milan
  • MS in Foreign Languages and Literatures, IULM, Milan

Senior Advisors

Claudio De Nadai

Senior Advisor


  • Representative of Unindustria Treviso Small Enterprises
  • 12 years in industry (CFO, then CEO)
  • 15-year expertise in corporate finance
  • Small-cap transactions for industrial players or private equity
  • Independent board member or senior advisor for mid/small caps
  • Economics & Business degree, Trieste University Post Graduate, SDA Bocconi Milan/CUOA Vicenza

Matteo Fago

Senior Advisor


  • Entrepreneur and serial investor
  • Founder and owner of an independent publishing house since 2009
  • Co-founded leading OTA Venere.com in 1995, and was its CTO until 2008 when it was acquired by Expedia
  • MS in Physics, La Sapienza University, Rome