Xenon Private Equity Team

We work alongside entrepreneurs and managers with a hands-on approach

Xenon Private Equity Team

We work alongside entrepreneurs and managers with hands-on involvement and a long-term vision, offering a unique combination of industrial, financial, and strategic expertise.

We bring over 30 years of experience in private equity, gained through close collaboration with family-owned businesses and leading Italian industrial companies.

About us

Xenon Leadership

Xenon Flagship Fund

Stefano Calabrò

Partner

Stefano Calabrò joined Xenon in 2008 and is responsible for investment execution and the management of portfolio companies. He holds an MBA from INSEAD (2002) and a degree in Mechanical Engineering from the University of Genoa (1994). Prior to joining Xenon he was Business Development Director at Tenova S.p.A. (part of the Techint Group), where he led the Strategy and M&A department. He began his career as a Product Manager at ABB Corporate Research in Milan, before moving to Alstom Power.

Gianfranco Piras

Partner

Gianfranco Piras joined Xenon in 2018 and is responsible for investment execution and the management of portfolio companies. He holds a BBA from Bocconi University (1996). Prior to joining Xenon he was Managing Director of Eco Eridania S.p.A. (a Xenon V portfolio company) and CEO of Mengozzi Rifiuti Sanitari S.p.A. He previously worked as Director at PricewaterhouseCoopers Advisory S.p.A. in the M&A advisory team. He began his career in the Investment Banking division of Efibanca S.p.A., and subsequently spent 2 years at IMI Sigeco SIM.

Luca Civita

Partner

Luca Civita joined Xenon in 2019 and is responsible for investment execution and the management of portfolio companies. He holds an MBA from INSEAD (2015) and a degree in Business Administration from ESCP Business School (2010). Prior to joining Xenon he was Senior M&A Manager at Enel X where he was responsible for origination and execution of M&A deals of the Enel group subsidiary focused on the energy transition, electric mobility and smart cities solutions. He previously spent five years as a management consultant with Booz & Company in Milan, Doha, and Jakarta offices. He began his career as an analyst at 4D Global Energy Advisors, a private equity firm based in Paris.

Livio Zanotelli

Partner

Livio Zanotelli joined Xenon in 2024 and is responsible for investment execution and the management of portfolio companies. He holds a Master’s in International Management from CEMS (London School of Economics and Vienna University of Economics, 2009) and a Master’s in International Business Administration from the University of Economics in Vienna (2009). Prior to joining Xenon he was a Partner at Alpha Private Equity in Milan. Previously, he spent 9 years at DBAG, the German private equity fund. He began his career in the M&A department at J.P. Morgan, working in both London and Frankfurt.

Davide Adorni

Origination Partner

Davide Adorni joined Xenon in 2022 and is responsible for deal origination. He holds an MBA from New York University Stern School of Business (2012) and a degree in Finance from Bocconi University (2006). Prior to joining Xenon he gained extensive experience in leading Italian and foreign advisory boutiques, handling various transactions for both industrial clients and private equity funds.

Francesco Banfi

Director

Francesco Banfi joined Xenon in 2019 and is responsible for investment execution and the management of portfolio companies. He holds a degree in Business Administration from Bocconi University (2014). Prior to joining Xenon he worked in the M&A and Business Development team at Luxottica, contributing to the company’s merger and integration with Essilor. He had joined Luxottica through a graduate program that included rotations in the sales and marketing divisions. He began his career as a Financial Analyst at GE Capital.

Teresa Toniutti

ESG Associate Director

Teresa Toniutti joined Xenon in 2023 and is responsible for managing the integration of ESG initiatives within portfolio companies. She holds a degree in Business Administration from the University of Bath (2016). Prior to joining Xenon she spent 7 years at M&G plc, most recently in the ESG investment team, where she was responsible for ESG research and analysis and stewardship activities. She began her career as a Risk Analyst at M&G Investments.

Elena Monteduro

Associate

Elena Monteduro joined Xenon in 2025 and supports investment execution and the management of portfolio companies. She holds both a master's and bachelor's degree in Energy Engineering from the Politecnico di Milano (2022). Prior to joining Xenon she worked as a strategy consultant at Kearney. She began her career as a Reservoir Engineer at Eni.

Xenon Small Cap Fund

Michelangelo Mantero

Partner e Co-Managing Director Xenon Small Cap Fund

Michelangelo Mantero joined Xenon in 2019 and is Co-Managing Director of the Xenon Small Cap Fund. He holds a degree in Monetary Economics from Bocconi University (1993). Prior to joining Xenon he spent 5 years at Ninja Investments, a club deal platform focused on direct equity investments into small innovative B2B service companies, which he co-led alongside Mr. Bruzzichesi. Previously, he worked as an Executive Director at Vestar Capital Partners, a US private equity fund. He began his career as an investment banker at Merrill Lynch, working in New York, London and Milan.

Leonardo Bruzzichesi

Partner e Co-Managing Director Xenon Small Cap Fund

Leonardo Bruzzichesi joined Xenon in 2019 and is Co-Managing Director of the Xenon Small Cap Fund. He holds a degree in Business Administration from La Sapienza University in Rome (1995). Prior to joining Xenon he spent 5 years at Ninja Investments, a club deal platform focused on direct equity investments into small innovative B2B service companies, which he co-led alongside Mr. Mantero. Previously, he worked at Private Equity Partners, one of the first Italian private equity funds, where he advanced to the position of Executive Director. He began his career at INA, one of the largest insurance companies in Italy.

Riccardo Gasparini

Director

Riccardo Gasparini joined Xenon in 2021 and is responsible for investment execution and the management of portfolio companies for the Xenon Small Cap Fund. He holds a degree in Management Engineering with a specialization in Finance from the Politecnico di Milano (2008). Prior to joining Xenon he worked as an Investment Manager at Assietta Private Equity. Previously, he held the role of Associate at DeA Capital. He started his career at Quadrivio, where he advanced to the position of Senior Analyst.

Raffi Salibian

Origination Director

Raffi Salibian joined Xenon in 2025 and is responsible for deal origination for the Xenon Small Cap Fund. He holds an MSc in Management from Cass Business School in London (2009) and a degree in Business Administration from Bocconi University (2008). Prior to joining Xenon he spent nearly 15 years at Houlihan Lokey, a global investment bank specialized in M&A transactions, with a focus on the Technology and IT Services sectors. He began his career in London at Bloomberg as an Equity Specialist.

Manuela Fabbri

Associate

Manuela Fabbri joined the team in 2025 and supports the management of investments and portfolio companies for the Xenon Small Cap Fund. She holds a Master’s degree in Corporate Finance from LUISS Guido Carli University (2021). Prior to joining Xenon, she worked in M&A at Klecha & Co., where she specialized in transactions in the technology industry. She began her career at Move Capital, a Growth Equity fund based in Paris.

Xenon FIDEC

Luca Dal Fabbro

Managing Director Xenon FIDEC

Luca Dal Fabbro joined Xenon in 2022 and is Xenon FIDEC's Founder and Managing Director. He holds a Master's in International Relations from ULB Brussels University (1994) and a Bachelor’s and Master's in Chemical Engineering from Sapienza University, Rome (1991). He also holds an Advanced Management Degree from the MIT, Boston (2011). In addition to his responsabilities within Xenon FIDEC, Mr Dal Fabbro is Chairman of IREN SpA; Chairman of Utilitalia, Vice Chairman of Cisambiente, Vice Chairman of Elettricità Futura, Vice Chairman of the Circular Economy Network and Chairman of the ESG European Institute. He is also an adjunct professor at LUISS Business School since 2015. Previously, he was CEO of Enel Energia SpA, of E.On Italia SpA, of GRT Group SA and of Inso SpA, and Chairman of Snam SpA, Chairman of EPS SA, Chairman of Tamini Trasformatori SpA and Chairman of Renovit SpA. He wrote three books on energy transition, circular economy, and geopolitics: “L’Economia del Girotondo” (2017), “La Misurazione della Sostenibilità” (2022) and “Proteggere il Futuro” (2025).

Georg von Kriegsheim

Senior Director

Georg von Kriegsheim joined Xenon in 2023 and is responsible for investment execution and the management of portfolio companies for Xenon FIDEC. He holds an MBA in Economics from Technische Universität Berlin (2000) and a degree from LUISS Guido Carli University (1998), and is a Certified Public Accountant in the USA. Prior to joining Xenon he worked 5 years in transaction services at Ernst & Young and 3 years in the M&A division of E.ON AG Group (Thüga AG). Previously, he worked for 12 years in M&A, project development and asset management in the renewable energy sector in Italy, Germany and UK on behalf of private equity funds.

Giorgio Fenili

Director

Giorgio Fenili joined Xenon in 2025 and is responsible for investment execution and the management of portfolio companies for Xenon FIDEC. He holds a Master's in Merchant Banking from LIUC Carlo Cattaneo University (2014) and a degree in Business Administration from the University of Bergamo (2013). Prior to joining Xenon he was a Director at Green Arrow Capital SGR S.p.A. where he was responsible for more than 6 years for several majority investments in small and medium-sized enterprises. Previously, he worked at EOS Investment Management Group, in the Corporate Development department of Accenture and at HAT Orizzonte SGR S.p.A.

Alberto Salvi

Senior Associate

Alberto Salvi joined Xenon in 2022 and is responsible for investment execution and the management of portfolio companies for Xenon FIDEC. He holds a Master of Science in International Finance at HEC Paris (2020) and a degree in Economics from Bocconi University (2018). Prior to joining Xenon, he worked at Aream, a boutique investment banking based in London, focused on technology.

Roberto Angelo Lener

Senior Associate

Roberto Angelo Lener joined Xenon in 2024 and is responsible for investment execution and the management of portfolio companies for Xenon FIDEC. He holds a MSC in Corporate Finance from LUISS Guido Carli University (2018) and is a Chartered Accountant registered in Milan and a Statutory Auditor. Prior to joining Xenon he worked for 5 years at VERTEQ Capital, a private equity investment holding company. He started his career in 2018 in the Italian investment banking team at Credit Suisse.

Support Functions

Our Partners

To ensure the highest operational robustness, Xenon relies on a selected network of highly qualified independent partners who support our team with specialized expertise in regulatory, legal, financial, and audit matters.

Deloitte Luxembourg

External Auditor

Quantyx

Risk Management

Edmond de Rothschild Luxembourg

Depositary bank

Atwell S.A.

Internal Audit

Aztec

Transfer Agent

Arendt & Fivers

Relations with regulatory authorities