Corbidge departs Doughty after restructuring

Following a restructuring in the wake of co-founder Nigel Doughty's death earlier this year, one of Doughty Hanson's private equity co-heads has decided to leave the firm.

Mark Corbidge, co-head of private equity at London-headquartered buyout firm Doughty Hanson, has left the firm.

His departure follows a significant restructuring of the business which took place after co-founder Nigel Doughty died unexpectedly in February. The firm changed to become a UK limited-liability partnership, with the business owned by an employee trust and co-founder Richard Hanson. Staff at the firm have switched from traditional employee contracts to holding equity in the partnership.

Hanson, who had previously taken a step back from the day-to-day investment business of the firm, has since assumed a more hands-on role as head of the private equity business (the firm also has real estate and venture capital arms).

In its former guise, Corbidge co-led the firm's private equity team alongside John Leahy.

Leahy remains at the firm, working under Hanson, while Corbidge has decided to leave. The departure is understood to be 'amicable', according to a source close ot the firm. Doughty Hanson declined to comment.

Corbidge joined Doughty in 2004, and as co-head of private equity had been responsible for coordinating investment activity across the firm's portfolio. He was also a member of the firm's investment committee.

Prior to joining the firm, he was chief development officer at sportswear group Umbro between 1999 and 2004. Prior to that, he ran his own advisory boutique, Corbidge Capital Consultants. He was chief executive of Newcastle United Football Club for 14 months, and oversaw the club's listing on the London Stock Exchange in 1997. Earlier in his career, he worked for investment bank Rothschild within its corporate finance team, and SG Warburg. He could not be reached for comment on his departure and his future plans are unknown.

Doughty Hanson is poised to launch fundraising for its sixth private equity fund, which will target €3 billion, sources said. The fund will be structured as a UK-registered limited liability partnership, regulated by the Financial Services Authority and tax-resident in the UK.