Hans Albrecht, the former head of Carlyle’s German operations, is to leave the private equity firm to establish a new special situations fund focussing on German, Swiss and Austrian businesses.
Albrecht, who was responsible for setting up Carlyle’s German buyout team in 1997, is looking to raise E200m for the Nordwind fund, which has already received its first commitment from Carlyle Group. Albrecht will be joined by a number of his Carlyle colleagues in Germany, although he will continue to oversee Carlyle’s existing investments from the firm’s Munich office.
Albrecht’s successor at Carlyle Germany will be Heiner Rutt, a former managing director at JP Morgan where he developed the firm’s German operations. Prior to this Rutt was president of US client software firm Proxicom. In early 2001, Rutt led the sale of Proxicom to Dimension Data.
Germany boasts Carlyle’s largest team in Europe with twelve professionals. 40 per cent of the firm’s E1bn European buyout fund has been invested in German-speaking countries to date. Rutt will also lead the firm's buyout operations in Germany, as well as dealing with new investments in existing and future funds.
Carlyle Group is understood to be launching a new E3bn European buyout fund that will make investments across the UK and continental Europe. It will specialise in buyouts of established companies and have a lifetime of about ten years, with five years spent looking for opportunities and then five years exiting deals.