Big changes are coming to Credit Suisse’s Private Fund Group, which raises capital for private investment funds.
The two co-heads of the group, John Robertshaw and Anthony Bowe, will be transitioning out of day-to-day leadership at the end of the year, allowing new leadership – Michael Murphy and Kevin Naughton — to move into position, a spokesperson with Credit Suisse confirmed Tuesday.
Robertshaw will step down as co-head of the group and move into the role of chairman to focus on new products and new business. Robertshaw joined Credit Suisse in 2000 when the bank merged with Donaldson, Lufkin & Jenrette, where he had been managing director in the fundraising group.
Bowe also will step down at the end of the year, but will remain with the team to “ensure a seamless transition within the group”, the spokesperson said. Bowe joined Credit Suisse in 2000 when the bank merged with DLJ, where he had been managing director in the fundraising group.
Both men have led the group since 2003, during which time the Private Fund Group has raised more than $200 billion for more than 304 funds, according to a person with knowledge of the team.
Meanwhile, Naughton and Murphy are moving into the co-leadership roles. Murphy is a managing director based in London and has led the Private Fund Group’s international efforts. He joined DLJ in 1997. Naughton is a managing director who has headed US client coverage for the past few years and joined Credit Suisse in 2001.
Credit Suisse declined to comment on specific details of the leadership changes, but the person with knowledge of the team described them as being initiated by Robertshaw and Bowe to ensure “the orderly transition of responsibility” to other veteran members of the team.
The Private Fund Group is generally one of the busiest shops in the industry raising money for traditional private equity funds and for strategies like credit, real assets and emerging markets. PFG has 68 professionals in offices in New York, London, Chicago, Los Angeles, San Francisco, Dallas, Hong Kong, Tokyo and Melbourne. The group, since January 2011, has held closings on 47 funds totaling about $101 billion. Of the 47, 32 to date have been final closings.
Since the group was launched in 1994, it has raised more than 260 funds with total commitments of more than $380 billion.
Credit Suisse has been selling off portions of its private equity operations as it works to get in line with regulations, though a person familiar with the bank said it has no plans to sell the fundraising group.
The bank sold its private equity secondaries team, Strategic Partners, to Blackstone earlier this year. Its private equity fund of funds operation, Customized Fund Investment Group, also is up for sale. PEI exclusively reported earlier this month that hedge fund investment and advisory firm Grosvenor Capital Management has been in talks with Credit Suisse to acquire the business.