BVCA gives voice to mega funds and mid-market firms

The UK trade association has established two new sector committees that will operate under the BVCA umbrella organisation in a bid better to represent member firms.

The BVCA has launched two committees to focus on global buyout and mid-market firms to complement its existing venture and enterprise sector committees.

The development is a bid to see off a schism which could have seen the mega funds walk away from the association.

Last summer the association faced fierce criticism from the UK parliament’s Treasury Select Committee after a number of large transactions attracted the ire of influential unions and the issue of how much tax the industry paid was front page news.

At that time many BVCA members felt they were facing reputational damage because of the actions of a small number of mega firms, while some executives at the large firms increasingly felt the BVCA was becoming a parochial irrelevance.

Jeremy Hand, incoming chairman of the BVCA, said: “Our member firms have given us a clear mandate. They want a single organisation with a structure that fully represents the UK private equity and venture capital industry.”

He said the committees would ensure an effective representation of all member firms. “The changes will take time to bed down, but it is clear that as one organisation we have a stronger voice with Government, the media, investors and other stakeholders,” he said.

The global buyout committee, chaired by Robert Easton of the Carlyle Group, includes Adrian Beecroft and Richard Wilson of Apax Partners; David Blitzer of The Blackstone Group; Philippe Costeletos and Vincenzo Morelli of TPG Capital; Carl Parker and Chris Davison of Permira; Philip Yea and Patrick Dunne of 3i; Pascal Herberling and Andrew Joy of Cinven; Clive Hollick and Dominic Murphy of Kohlberg Kravis Roberts; Donald Mackenzie of CVC Capital Partners; Walid Sarkis and Dwight Poler of Bain Capital; and Emma Thorpe of The Carlyle Group.

Easton said in a statement: “We have recognised the need to be more coordinated in the way the buyout community interfaces with the outside world. The committee will be focused on complying with the detail of the Walker Guidelines, and more importantly on the need to convey to all constituencies the positive impact of private equity on the UK economy.”

The mid-market committee is chaired by Tom Lamb, Barclays Private Equity. Its committee members include: Adrian Johnson of Legal & General Ventures, John Snook of Close Brothers Private Equity, Andrew Hartley of August Equity, Ross Marshall of Dunedin Capital Partners, Daryl Eales of LDC and Humphrey Battcock of Advent International.

The BVCA has also restructured its council. It now has three representatives of each of the sectors, as well as the chairs of each of the Technical committees, the chairman, vice chairman and past chairman.