EIG Global Energy Partners has hired William Sonneborn, former head of KKR Asset Management, as president of the firm, according to a statement.
Sonneborn will assume his new position on 5 May. He retired from his role at KKR in July 2013 and became a senior advisor to the firm last October, Private Equity International reported. Sonneborn became head of KKR Asset Management in December 2008 when the division was created to house KKR’s fixed income business and some other non-private equity-related businesses, such as mezzanine financing. He was simultaneously named chief executive officer of KKR Financial, the firm’s New York stock exchange-listed debt investment arm. Sonneborn was previously president and chief operating officer of Los Angeles-based asset manager The TCW Group, which EIG spun out of in October 2009.
“Bill is uniquely qualified to help guide EIG through the next stage of our growth based on his prior industry experience and his familiarity with EIG from our time together at TCW,” Blair Thomas, CEO of EIG, said in the statement.
Sonneborn’s departure from KKR last July did not trigger any key man provisions at the time, a source familiar with the situation previously told PEI’s sister publication Private Debt Investor. He was replaced by Craig Farr, who previously managed KKR’s global markets team.
KKR did not return a request for comment by press time.
EIG invests in energy and energy-related infrastructure. The firm closed its largest fund to date, Energy Fund XVI on its $6 billion hard-cap in December 2013. Fund XVI had a $4.25 billion target and received commitments from 150 limited partners from 18 countries. The fund makes hybrid debt and structured equity investments in energy companies and projects, PEI previously reported.
EIG also announced Friday it would sell a minority stake in the firm to global asset management company Affiliated Managers Group. EIG’s management team will continue to hold a majority stake and lead the firm’s operations, according to the statement.
EIG is based in Washington and has $15.9 billion of assets under management, as of 31 December 2013.