Threestones Team

Over 25 years of experience in the fields of private equity, real estate and in the banking and financial sector. He began his career in business consulting with KPMG and PwC. From 1998 to 2003 he was Associate Director in the global team of Société Générale de Surveillance Holding SA, where he successfully participated in private equity transactions with a value of over 800 million USD in the health care sector. From 2003 to 2009 he was chief investment officer at a Swiss-based family office. He is a founding partner of Threestones Capital.

Giovanni Perin

20 years of experience in construction, real estate and in the banking and financial sector. From 2000 to 2006 he worked as project manager in the construction industry in Italy and Germany, overseeing high profile development projects including infrastructure and social housing. From 2006 to 2009 he was entrusted with the management of several European real estate funds at a Swiss-based family office, where he was, amongst other things, in charge of a nursing homes portfolio in Germany, various urban renewal projects in Italy and other major projects in Southern and Eastern Europe. He is a founding partner of Threestones Capital.

Alessandro Sparaco
Managing Partner

Over 20 years of experience in the property and construction industry, in the financial sector and private equity. From 2000 to 2004 he worked in the construction industry in Italy, where he was responsible of important projects of infrastructure development. From 2004 to 2009 he was manager of Berlin-based Viam GmbH, a company that manages “niche” real estate portfolios in the residential and nursing homes sector in Germany. He is a founding partner of Threestones Capital.

Francesco Sparaco
Managing Partner


More than 20 years of experience in the fund management industry (AIFM and UCITS) in Luxembourg and Germany. Ralf began his career in State Street Bank and Munich Re group. He was then head of fund administration at Muenchner Kapitalanlage for six years. From 2008 to 2010, he was director of fund administration at BlackRock Germany. Until 2012 he worked for State Street Bank, responsible for the insourcing of BlackRocks fund administration. In 2012 he joined Alceda Fund Management S.A. as conducting officer and member of the board. From 2015 to 2018 he was conducting officer and member of the board at Patrizia Real Estate Investment Management S.à r.l. and joined Threestones beginning of 2019.

Ralf Rosenbaum
Managing Director

15 years experience in corporate finance and transactions in Europe (management, financing and due diligence) in various industries. From 2008 to 2011 he worked at PwC corporate finance team in Luxembourg. Between 2011 and 2013 he was an investment manager in the private equity fund Saphir Capital Partners. Since 2013 he has been managing his financial and strategic advisory company. He joined the Threestones team in 2015.

Raffaele Levi-Minzi
Head of Investments / Portfolio Manager

More than 10 years of experience in the financial industry. Fabien worked at JP Morgan within the fund accounting department, followed by Generali real estate where he gained an experience in real estate finance. He also worked for 6 years at State Street Bank within the fund services department. Fabien is experienced in fund accounting, regulatory reporting, legal and compliance. Furthermore, through his experience he has an in depth knowledge of AIF, Private Equity and UCITS. He joined the Threestones team in 2017. Fabien is fluent in French, English and Italian. He is a graduate of ESC Nancy in Management, Finance, and Audit.

Fabien Bergantini
Head of Finance & Compliance

More than 20 years of experience in Corporate finance, Transaction services, and Business development in Europe across various sectors. He leads at Threestone the development of new real estate and private equity funds. Prior to joining Threestones Capital, Shanu led the M&A activities of Post Group Luxembourg. He has assisted on several large M&A deals within Luxembourg and abroad, and has gained a wealth of experience in Corporate Finance and Private Equity. Previously, Shanu was a Senior Manager at KPMG Corporate Finance and Muller & Associes. He is graduate from ICHEC Business school and is fluent in Luxembourgish, French, German and English.

Shanu Sherwani
Head of Business Development

18 years experience in the financial industry. When completing his engineering studies he specialized in financial mathematics and risk management. After a career start in Stockholm and Paris, he joined a Nordic Asset Manager and was in charge of the promotion of UCITS, offshore, real estate and private equity funds and coordination of the Luxembourg operations for the firm. Since 2012, he holds various mandates as Independent Fund Director and Risk Manager and also created and headed for 4 years the AIFM department with a Luxembourg Management Company.``

Raoul Chevignard
Risk Manager


Over 5 years of experience in banking and corporate finance. Buyanzaya started her career in a commercial bank in Mongolia as a credit analyst, credit policy specialist and a product manager. Prior to joining Threestones Capital, Buyanzaya worked as an analyst in the corporate finance advisory department of Deloitte Luxembourg where she gained experience in financial due diligence and valuation of private equity, real estate and debt instruments. Buyanzaya is a CFA charterholder and a graduate from Luxembourg School of Finance, in Master of Science in Banking and Finance. She joined the Threestones team in 2018.

Buyanzaya Batbileg
Senior Investment Analyst / Investment Team

4 years of experience in the financial sector. After a traineeship at the European Investment Fund (EIF), he began his career in asset management audit at KPMG Luxembourg. Michael holds a Bachelor’s and Master’s degree in Economics from the London School of Economics and the College of Europe in Bruges. He is also a graduate of Sciences Po Paris with a Master’s degree in Economic Law. He joined the Threestones team in 2018.

Michael Krantz
Investment Analyst


Over 10 years of experience in compliance and fund administration. From 2003 to 2006 Sylvie worked at the back office department at the headquarters of the Luxembourgish insurance group Foyer. From 2006 to 2011 she was a AML/KYC officer at European Fund Administration SA (EFA), the leading company in Luxembourg for the management of funds approved and regulated by the CSSF. In 2011 she moved to the private equity and real estate funds department of EFA where she was employed as fund administrator. Sylvie joined the Threestones team in 2013 as Operations Manager.

Sylvie Pinto
Operations Manager / Investor Relations

Over the last few years Andy has been immersed in the field of Compliance. From 2012 to 2016 she was employed at Bonn & Schmitt Avocats where she worked in tight collaboration with experienced lawyers in the Compliance department. She lived in United States for about 8 years where she graduated as a Graphic Designer. Today Andy keeps a good balance between her artistic talents and her devotion for Compliance. Andy joined the Threestones team in 2016 as AML/KYC Analyst.

Andy Mendes
AML/KYC Analyst / Investor Relations

After having gained first experience in the letting and property management sector from 2011 to 2013 in Luxembourg, she worked, between 2013 and 2015, in the well-known Luxembourgish construction company Rollinger Toiture S.A. In addition to her tasks as Team Assistant, she was responsible for the preparation of tender documents and the drafting of submission forms. She joint the Threestones team in late 2015.

Aurelia Bianchini
Assistant Operations Manager

Gaia holds a Master degree in Law from Universita’ degli Studi di Firenze and on November 2017 she took the Italian Bar exams becoming a Lawyer.
In 2016 she attended in Luxembourg a Master Degree in Private Equity and Investment Funds; after the traineeship and a first work experience in the Compliance sector, she joined the Threestones team in 2018 as Junior Compliance Officer.

Gaia Bardazzi
Junior Compliance Officer


Ilaria holds a Bachelor in International Sciences and European Institutions from the Università degli Studi di Milano and a two year Master degree in European Governance.
In 2014 she worked as Research Team Assistant at the Luxembourg University and in 2015 she did her traineeship at the Luxembourg Chamber of Deputies.
Moreover, Ilaria assisted in 2016 the Red Cross.
She joined the Threestones team in 2017 as Executive Assistant.

Ilaria Ragone
Executive Assistant

Sabrina holds a bachelor degree in Business Management from Università degli Studi di Torino. She had her first experience in an automotive multinational company in Italy as Junior Accountant. From 2017 to 2018 she has been employed as Accountant and HR Assistant in a Strategy Management Consulting Company. Sabrina joined the Threestones Capital team in early 2019 as Administrative Assistant.

Sabrina Borla
Administrative Assistant