Washington DC-based private equity firm The Carlyle Group has said the head of its Carlyle European Technology Partners (CETP), David Fitzgerald, had resigned for “health reasons”.
CETP closed a €530 million fund for expansion capital investments in European technology businesses in November 2008.
Fitzgerald has been replaced by two co-heads: Robert Easton, a managing director who joined Carlyle in 2000 from UK engineering group Invensys; and Michael Wand, who is also a managing director and a longstanding member of the CETP team.
Easton, who specialises in aerospace deals, is chairman of the global buyout committee of the British Venture Capital Association and, in June 2007, was one of five UK private equity executives called before a Treasury Select Committee to answer questions relating to the industry’s tax treatment.
The statement added that Fitzgerald will act “as a senior advisor to Carlyle for a transitional period, to the extent his health permits”. The news accompanied the firm's annual report, released yesterday.