CVC boosts debt team

CVC Capital Partners has continued its recruitment drive for its debt arm with the appointment of Benjamin Edgar to work again for his former boss at Deutsche David Wood.

CVC Cordatus, the debt arm of buyout firm CVC Capital Partners, has strengthened its team ahead of a formal launch in about a month with the hire of Benjamin Edgar from Alcentra, a rival debt firm.

Edgar joins David Wood, formerly co-head of Deutsche Bank’s European leverage finance team, who started at CVC in April this year to establish a debt management business.

Before Alcentra, Edgar worked with Wood and Jonathan Bowers, another recent recruit to Cordatus, at Deutsche. He was with the bank for five years.

Cordatus, Latin for means prudent, will operate as a stand-alone business providing leveraged debt for private equity deals, although it will be a subsidiary of the group.

A report in a UK paper The Daily Telegraph said Cordatus would have a separate investment committee, with no overlaps with CVC’s private equity investment committee.

It will also be housed in a different building, it said, with “Chinese walls” between the two. The aim of Cordatus is to service the needs of private equity houses looking for debt.

The CVC Cordatus team was not available for comment.