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Fondinvest changes hands

Now owned by two individuals that worked together at a US financial services firm, Paris-based Fondinvest is raising its fifth secondaries fund.

Fondinvest Capital, a Paris-based fund of funds manager, has been acquired by two individual US investors for an undisclosed sum, sister publication Secondaries Investor has learned.

Hugh Dunkerley, a former managing director with US financial services firm Burnham Securities, bought a majority stake and became Fondinvest’s managing partner in April, Dunkerley confirmed.

Daniel McClory, currently a managing partner at Burnham Securities, has also purchased a minority share in the firm and will become a non-executive board member.

Terms of the deal, which closed in June, have not been disclosed.

“Working with the team at Fondinvest Capital has provided us with exactly the established brand, corporate culture, undisputedly successful fund management legacy, and future growth platform that we were looking for within Europe,” said Dunkerley. “I believe that there are many opportunities for Fondinvest to grow its assets under management, and make solid investments in the near future, so I am looking forward to our 10th fund closing and working as part of the proven investment team.”

Dunkerley is now running Paris-based Fondinvest, while Charles Soulignac, who founded the firm in 1994, is remaining chief executive and chairman of the firm’s investment committee. He'll also continue to monitor Fondinvest's existing assets.

Visit www.secondariesinvestor.com to read the full story.