Augusta Columbia hires Citigroup executive

The Chip Schorr-led firm has brought on former colleague Michael Stephenson from Citigroup Japan to focus on software and services investments from the firm’s New York office.

Augusta Columbia Capital has hired former Citigroup Japan executive Michael Stephenson to join the firm’s New York office as managing director, the firm announced in a statement. Stephenson will focus on software and services investments.

Stephenson was a member of the technology private equity team at Citigroup Venture Capital with Augusta Columbia co-founder Chip Schorr. The two collaborated on several investments, including the development of software company i-flex solutions prior to its sale to Oracle in 2005.

“We are thrilled to welcome Mike back to the team and add his deep software and services background,” Schorr said in a statement. Stephenson started with the firm on 9 November.

Stephenson held several positions with Citigroup Japan, where he oversaw the divestiture of the firm’s holdings in Japanese-brokerage firm Nikko Cordial. Prior to Citigroup, he was the founding chief financial officer at and an investment banker with Merrill Lynch in the US, Asia and Europe.

Augusta Columbia has made several hires in the second half of 2011, bringing in former Court Square Capital Partners partner James Urry and former Blackstone Group executive Clay Albertson. Last month, Augusta Colubmia hired David ibnAle, formerly of TPG, to join the firm’s San Francisco office as managing director.

Augusta Columbia spun out of Blackstone earlier this year and is in the process of raising its debut fund targeting $750 million, according to a source with knowledge of the situation. The fund will invest between $30 million and $150 million in mid-market companies with a focus on healthcare information technology, IT services, telecom equipment, internet infrastructure and financial technology. Several press reports have indicated that Blackstone will invest in the fund.