Grasselli joins PM & Partners

PM & Partners, the Italian mid-market private equity firm, has hired experienced professional Massimo Grasselli ahead of a new fundraising in 2005.

PM & Partners, the Italian investor which has announced it is launching a new fund next year, has brought in 52 year-old Massimo Grasselli as a partner.

In a statement, the firm said Grasselli would work alongside the two founding partners, Francesco Panfilo and Andrea Mugnai. In addition to the three partners, the firm comprises three investment managers and three analysts.

Grasselli joins from Centrobanca, where he worked since 2001 as a deputy general manager with responsibility for private equity. He was also managing director of Centrobanca Sviluppo and Impresa SGR, the management company of Sviluppo Impresa, a closed end fund sponsored by Centrobanca.

From 1998 to 2000, Grasselli worked for Palamon Capital Partners, the UK-based private equity firm, where he oversaw the realisation of investments and helped raise the firm’s €440 million pan-European fund. Prior to that, he spent four years at Morningside Italia, an evergreen investment fund, where he launched and managed the firm’s Milan office.

PM & Partners said Grasselli was joining “in order to complete investments for Emerald Fund and also to launch a new fund during 2005”. Established in 2000, the firm raised its €215 million Emerald Fund in 2001 from institutional and private investors. It focuses on minority and majority investments in middle sized Italian companies.

The Emerald fund acted as lead investor in the buyouts Eco, an industrial components firm, AIVE, a software business, and AEB, a producer of biochemicals.