Jean Eichenlaub has left European Capital, where he has led the Paris office and managed the firm's Southern European activities since April 2005.
The Paris office will be headed by Tristan Parisot, who joined the firm in March 2007 after spending 10 years with 3i France.
“I wish Tristan all the very best,” Eichenlaub said in an email sent to contacts Friday notifying them of his departure.
Eichenlaub did not disclose future plans, though French financial media has reported he will replace Rene Maury as chairman of CDC Capital Investissement, the private equity arm affiliated with French state development bank Caisse des Dépôts.
Our main priority will be to focus on the management of our portfolio and increase our hands-on approach in each of our investments.
The departure comes as European Capital's publicly listed parent, American Capital, works to repair its balance sheet and avoid bankruptcy. It has been vigorously exiting portfolio companies, having raised nearly $900 million in proceeds in the past year.
“With support from American Capital in the current economic environment, our main priority will be to focus on the management of our portfolio and increase our hands-on approach in each of our investments,” Parisot said in a statement.
American Capital reported a $547 million net loss in the second quarter, including $308 million of net realised losses on portfolio investments, and a $409 million depreciation of its investment in the European affiliate, which it de-listed in the first quarter 2009.
Last month European Capital closed its Frankfurt office “in response to the global downturn in the private equity markets over the past two years”.