DB Capital establishes London FoF team

Deutsche Bank's private equity arm has recruited Carlo Biroli to grow its funds of funds business outside the US.

If further evidence were needed that private equity funds of funds (FoFs) are continuing to surge in popularity, DB Capital Partners has announced that it has recruited Carlo Biroli to set up a FoF operation in London.

The private equity arm of Deutsche Bank is keen to develop its FoF activities outside of the US, and Biroli's mandate is to lead this effort. The move is seen as part of a broader effort by the group to increase the amount of third party funds that it manages, although Deutsche will typically continue to play the role of cornerstone investor to its funds.

It is reported that Biroli will be joined by another partner who will help with FoF fund-raising, structuring and investment activities later in June.

Previously Biroli was CEO of CDB Webtech, an Italian listed fund-of-funds company backed by Carlo de Benedetti, the former chairman of Olivetti.