Fabio Cali joined Advent in 2012 and is a Managing Director in London. He advises on investments in the business & financial services sector. Fabio has advised on nine investments during his career at Advent.
Prior to joining Advent, Fabio worked at Bain & Company in Paris as a member of their private equity practice. He specialized in due diligence projects across France, Italy, and the Nordics. Previously, Fabio worked in mergers & acquisitions sourcing and execution for Calyon Investment Banking’s industrial team.
Fabio received an MA in Humanities with Honors from Ecole Normale Supérieure and a master’s degree in Management (Grande Ecole Programme) from ESCP (Ecole Supérieure de Commerce de Paris).
What industries and subsectors do you find most compelling to follow?
As part of our business and financial services practice, Advent looks at what we call the commerce-enablement space – this includes payments, data, management software, logistics, and other value-added financial services. I find it very exciting to see how we’re using innovation to help and support the real economy. These are technologies that benefit merchants across the board – whether they are very small, such as local coffee shops, or well-known luxury brands.
What are the benefits of being part of a privately owned partnership?
Historically, this firm has been able to grow through being a consensus-driven private partnership. This has provided a lot of stability and consistency in the way we operate, and especially in maintaining the culture of the firm. Advent is about consensus, meritocracy, and continuous self-improvement. We’re approachable, low-ego, entrepreneurial investors who are passionate about the real economy and our sub-sectors. That’s what has differentiated us over the past 40 years.
“This business is about exposure to issues and situations, so I give my team a lot of space and try to empower them as much as possible.”
Fabio Cali
Managing Director, Advent
How do you help junior members of your team grow their skills and learn?
We want a culture where people can be themselves – and if they make a mistake, they can communicate honestly about it and find a solution. This business is about exposure to issues and situations, so I give my team a lot of space and try to empower them as much as possible. I know that if I send them into a meeting or ask them to run a specific piece of analysis, they may not be as effective as I would be, because of course I’ve done it many times. We share feedback and sometimes I tell them, look, this is how we could have done this differently. That’s how they learn, feel empowered, and grow into better investors.
What have been the highlights of your career?
It has been a fascinating journey, and I’ve worked on many, many investments. Each one is a totally different situation, and what makes it unique is the context of the deal: who Advent is buying from, the management team, and the personas around Advent’s investment. I’ve traveled widely, working with everyone from Italian or French banks to Bulgarian tech founders, and so many situations have been highlights. In the early days I was able to learn from the more senior people around me, taking from each of them what resonated most with myself. That’s how I developed my own style.
If you weren’t in private equity, what would you be doing?
I would definitely be an entrepreneur in technology. What I do now has entrepreneurial aspects. I feel that strongly when I’m working with a management team on a project that will bring new products to the real economy. We’re creating things that help to enable commerce, and innovation is always high in my mind.
