PAI builds presence in Italy

The French private equity firm has appointed a former MD at Lazards to run its Italian operations.

Paribas Affaires Industrielles [PAI], the private equity arm of BNP Paribas, has appointed Raffaele Vitale head of its operations in Italy.

Vitale is leaving Lazard where he was a managing director based in Milan, to join PAI. He was one of the founders of investment bank boutique Vitale & Borghesi that was acquired by Lazard in 1998.

Commenting on the appointment, Eric Delorme, a partner at PAI said that the appointment was a logical step for the firm. 'The combination of Raffaele's connections and industry knowledge with our sectoral approach to investing makes huge sense' he said.

Delorme added that Italy was a key market for PAI and the firm was already working on a number of transactions in the country.