CVC loses senior financing executive

Managing director Hugh Briggs is the second senior level executive at CVC to announce his retirement in recent weeks, as chairman Mike Smith will step down in January.

CVC Capital Partners managing director Hugh Briggs will retire at the end of December, according to a source with knowledge of the situation.

Briggs is a member of CVC’s seven-person financing team, which manages the firm’s banking relationships and is led by senior managing director Ken Young. The entire team reports to managing partner Chris Stadler.

Briggs joined CVC’s London office in 2004 from MidOcean Partners, having previously spent five years in the leveraged finance department at Citigroup and Credit Suisse First Boston. His decision to step down comes at roughly the same time as CVC chairman Mike Smith’s announcement that he will retire in January. Smith, who has been with CVC Capital Partners since 1981, will be succeeded by Donald MacKenzie, Rolly van Rappard and Steve Koltes, who will together act as co-chairmen of CVC, according to a statement.

The senior level departures of Briggs and Smith come during the early stages of CVC’s latest fundraising effort. The firm is seeking €10.75 billion for its sixth buyout fund, according to data provider Private Equity Connect. Last month, CVC ramped up its investor relations team, hiring senior managing director Rob Squire from Coller Capital.

CVC was founded as the European arm of Citicorp Venture Capital, a captive private investment division within US-based bank Citi. The unit had several names over the years, including Citicorp Venture Capital, and the European arm eventually came to be known as CVC Equity Partners. It spun out in the 1990s to become one of Europe’s biggest buyout shops, having raised more than $50 billion across nine funds, including Asia- and infrastructure-specific vehicles.