Two veterans of global consultancy Arthur D Little in Paris have formed TIME Equity Partners, a private equity firm which will focus on growth capital investments in the telecoms, media and entertainment sectors throughout Europe.
Henri de Bodinat, the 59-year-old former chief executive of Sony Music France, Saatchti and Saatchi and Club Méditerranée, will lead TIME as chief exective.
De Boudinat will be joined by 38-year-old Jean-Luc Cyrot, a 12-year veteran of Arthur D Little who latterly headed the firm's telecoms practice in Paris. The two have worked together at the consultancy for the last four years.
TIME's first fund, TIME Investors, has held a first close on €50 million, although this figure will potentially be doubled depending on the pace of investment. The fund has a single limited partner: Yam Invest, an Amsterdam- and Paris-based investment firm owned by a group of European entrepreneurs.
TIME represents the Arthur D Little duo's first foray into private equity investment. They are currently in the process of recruiting a third principal from the private equity industry to the business.