Mithras, a UK investment trust that has been a major backer of Legal & General Ventures, is launching its own branded fund-of-funds programme.
Mithras Private Equity will be headed by Gillian Brown, founder of Tandem Private Equity, a newly-formed fund-of-funds manager bought by Mithras in January.
It is the latest step in the turnaround of Mithras, which has revolutionised its fortunes since 2000. It has moved away from mezzanine investing to equity investment, invested heavily in LGV funds and used proceeds to pay off debt. As a result the trust has more than doubled its share price in the last four years, and seen net asset value rise by 82%.
Tandem founder Gillian Brown, who will run the new programme for Mithras, has nearly 20 years experience investing in private equity funds. Before starting Tandem, she previously ran the fund-of-funds programmes at Hermes Private Equity and Merrill Lynch Private Equity Partners.
Adrian Johnson, chief executive of LGV, said: “Gillian’s record for successful fund selection and investment is long and distinguished.”