Enterprising Investor
Practical analysis for investment professionals

Massimiliano Saccone, CFA

11 Posts

Biography

Massimiliano Saccone, CFA, is the founder and CEO of XTAL Strategies, a fintech SME developing a platform of innovative private market indices and risk-transfer solutions. He developed and patented a private equity performance valuation methodology, is a former member of the GIPS Alternative Strategies Working Group at CFA Institute and the author of a Guide on Alternative Investments for CFA Society Italy. Saccone has pioneering experience in the field of the retailization of alternatives at AIG Investments (now Pinebridge), a global alternative investment manager, where he was a managing director and global head of multi-alternatives strategies and, beforehand, regional head of Southern Europe. Prior to that, he was head of institutional portfolio management at Deutsche Asset Management Italy (now DWS). He is a CFA charterholder and a qualified accountant and auditor in Italy, has a master's in international finance from the Collegio Borromeo and the University of Pavia and a cum laude degree in economics from the University La Sapienza of Rome. He is also a Lieutenant of the Reserve of the Guardia di Finanza, the Italian financial law enforcement agency.

Author's Posts
Times Change: The Era of the Private Equity Denominator Effect

How can investors address the denominator effect in private equities?

Not All NAVs Are Created Equal

How can investors price NAV valuations and efficiently transfer their eventual risk?

Drowning in the Private Equity Pool

What's most surprising about aggregated private market performance calculations? How deeply flawed they are.

The S-Curve: Bending the J-Curve in Private Equity

The J-curve narrative in private equity (PE) investments deserves a quiet obsolescence.

“Alpha-Flation”: A Private Market Syndrome

Why does investing in the "average" private market fund seem to go so poorly?

Pointless Market Equivalence? If Not the IRR, Why the PME?

The public market equivalent (PME) does not reflect the economic reality of private equity investing.

The Short, the Index, and the Private Markets

There is no valid benchmark for the unlisted private equity sector. That needs to change.

Private Equity: The Weight of the COVID-19 Crown

What happens to private equity valuations when public equity markets collapse?