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Over 45 years
of experience

We bring the strength
of multiple industries
to this operationally focused
private equity firm.

Born from a partnership with diverse backgrounds and areas of expertise, we bring the strength of multiple industries to this operationally focused private equity firm.

VRM Companies, a Puerto Rico based development firm, and one of the top 100 real estate developers in the US, with over 45 years of experience in the residential and commercial markets, joins Carlos Penzini who brings over 25 years of experience in launching or accelerating projects and products in over 35 countries. 

Together, we are VRM Penzini, a forward-thinking private equity firm, specializing in lower middle market.


Our focus is growth


Carlos Penzini
Managing Partner

Carlos Penzini is Managing Partner of VRM Penzini Capital. He has over 25 years of successful business experience in planning, launching, growing, and operating businesses, including businesses financed by a diverse set of investors, product launches, and corporate restructurings. Mr. Penzini has held numerous high-profile executive roles, including Chief Sales Officer and Chief People Officer at Magic Leap and Senior Vice President of Strategy and Operations at Viacom. 

Mr. Penzini has an MBA from the Haas School of Business at the University of California at Berkeley, a Master’s in finance from IESA, and a BS in Systems Engineering from Universidad Metropolitana. He is the Founding President of Berkeley Florida, the alumni association of the University of California graduates residing in Florida. He was also the Graduate Instructor in Private Equity and Venture Capital at the Haas School of Business.

Diego Rodriguez
Managing Partner

Diego Rodriguez joined VRM Companies in 1995, as a partner. His experience encompasses all aspects of planning and development, including economic feasibility analysis, site evaluation and acquisition, engineering and architectural review, all phases of permitting, construction contract coordination and implementation, as well as sales, marketing, and management supervision. He is responsible for expanding VRM’s operations to the southeastern U.S, where he currently oversees the Florida region, and has successfully led the development of over 1,000 units in multifamily rental and land development parcels, as well as other VRM business ventures.

Mr. Rodríguez holds a B.S. in Civil Engineering from the University of Florida and an MBA with a concentration in Finance from the University of Miami.

Rafael Rojo
Managing Partner

Mr. Rafael Rojo is Partner at VRM Penzini, and President and CEO of VRM Companies, a top 100 real estate developer in the US and the #1 in Puerto Rico.  Throughout his career, he has been involved in all aspects of the business, working directly in the construction and engineering stages as well as the design, planning, permitting, financing, and marketing of VRM’s real estate developments. As President & CEO, Rojo has diversified the group’s investments in several important companies in Puerto Rico and the U.S. 

His leadership has also taken him to participate in crucial efforts regarding public policy and economic issues in Puerto Rico, for which he’s been recognized with several accolades, including the Presidential Award, by Puerto Rico Builders Association in 2022, Caribbean Businessperson of the Year, the SME Top Management Award in Construction and the Industries Defense Award as well as the Frank Ramirez de Arellano Lifetime Achievement Award from the Puerto Rico Builders Association. Rafael Rojo has a double major in Economics and Business from Springfield College.

Grow with us