Charterhouse is a free agent

CDC's long-awaited management buyout from HSBC Holdings is complete.

Charterhouse Development Capital (CDC), the private equity firm previously operating under the umbrella of banking group HSBC Holdings Plc, has been bought out by its management.

CDC, a leading European buyout specialist, became part of HSBC when the banking group acquired Credit Commercial de France last year.

HSBC already has a substantial private equity operation with HSBC Private Equity so there has always been a good chance that Charterhouse management would seize the opportunity to go independent.

The group already manages a £1.2bn fund and has begun to plan its next fund with the help of Schroder Salomon Smith Barney. Details of size and timing of the new fund have not yet been confirmed.