Oakley Capital Private Equity, the fund advised by AIM-listed Oakley Capital Investments, has lost one of its deal makers, PEI has learnt.
Del Huse left the UK-based firm by the end of 2014, according to a source familiar with the matter. Oakley confirmed his departure and said he left “following a 6 month period of winding down his responsibilities” with the firm.
“He is in the process of establishing his own business, [under the brand name Roycian, that will source and execute direct deals for high net worths, family offices and funds] and we will have an ongoing relationship with him. He was not a named, key man in the fund documentation but nevertheless, LPs were informed some time ago of his intention to leave Oakley. We wish Del well with his new business,” a spokesperson told PEI.
At Oakely, Huse, a managing director, was responsible for finding new investments in the UK and Western Europe. He joined the firm in 2010 from UK-based turnaround house Endless, where he was a managing director.
Roycian will be doing deal by deal investments in the lower mid-market, Huse confirmed to PEI. The firm, which will be UK-centric, will also look deals in Western Europe and the Middle East, he said. The firm will be sector-agnostic. The rewards will be exclusively carry-based.
Huse’s departure comes as Oakley is currently investing its second fund, OCPE II Master, which had a €500 million target. Oakley Capital Investments Limited (OCIL), a vehicle listed on London’s Alternative Investment Market designed to give retail investors access to Oakley’s limited partnership funds, has invested €200 million in the fund, according to a regulatory filing.
Oakley has raised approximately €497 million for fund II, PEI reported last September.
To date, Oakley has done four deals from its second vehicle including a majority investment in Facile.it, Italy’s largest car insurance broker and price comparison website. It also $65 million of equity from Fund II into Connecticut-based marine technology company North Technology Group last March.
Oakley typically invests in companies with enterprise values between €40 million and €150 million, with a targeted equity investment size of between €20 million and €60 million, according to its website.