Co-heads to take over Citi’s placement unit

Loren Boston, head of Citigroup’s private equity fund placement division, is leaving the firm while Patrick Dunleavy and Doug Blagdon prepare to take over.

Citigroup is in the process of finalising a change of management at its fund placement business. Loren Boston, who has led the bank’s Private Equity Fund Group since 1999, is leaving to pursue other professional opportunities, according to sources.

The placement group, which is part of Citi’s Financial Entrepreneurs Group and a division of Citigroup Global Markets, will now be led by Patrick Dunleavy and Douglas Blagdon, according to one source. Both professionals are currently based in New York.

Dunleavy, who like Boston used to work for Deutsche Banc Alex. Brown, and who joined Citigroup in 2001, is already a member of the fund placement group. Blagdon joins from another part of Citi’s investment bank. The pair are expected to run the placement business as global co-heads.

During Boston’s tenure, Citigroup placed a number of large private equity funds, including the €2.7 billion ($3.44 billion) Charterhouse Capital Partners VII, which held a final close last August.

Other firms the group has raised capital for include Nordic Capital, which closed a €1.5 billion fund last February. The firm is currently raising funds for Terra Firma Capital Partners, Avenue Capital Group, Globespan as well as Hicks Muse Tate & Furst, which is working on its second European buyout fund.

Last August, Citigroup placement agents Ken Freeman and Marty Voelker, left to join the placement unit of UBS.