Gangsted leaves Cinven for VC firm Curzon Park

Earlier this month, Cinven saw a major shake-up with the departure of two partners and the promotion of Hugh Langmuir to replace Robin Hall as CEO.

Peter Gangsted, a partner and former member of Cinven's executive committee, is joining cleantech-focused venture firm Curzon Park Capital.

Gangsted's departure was expected as he had been working part-time at the firm since April 2007, according to a Cinven spokesman.

Gangsted ran Cinven's Frankfurt office and was a member of Cinven's board. During his seven years with the firm, Gangsted was active in deals including the successful acquisition and exit of Kloeckner Pentaplast, a plastics packaging company.

In his new role, Gangsted will assist Curzon's board to manage the firm's debut fund, the £20 million Sustainable Technology Fund, and advising on future business strategy, Curzon said in a statement. He was recently appointed chairman of AWS Eco Plastics, a portfolio company in the Sustainable Technology Fund.

“He joins the current CPC senior team, which includes chairman Edmund Truell and directors Cedriane de Boucaud and Sam Richardson,” Curzon said.

Before joining London-based Cinven, Gangsted was a founding partner of Allianz Capital Partners, the private equity unit of insurance giant Allianz.

Earlier this month, Cinven revealed major management changes as Hugh Langmuir was chosen to replace the firm's long-time chief Robin Hall, who led the firm since 1988 as managing partner.

Other changes included the retirement of Jonathan Clarke, an 18-year veteran of the firm and partner with joint responsibilities for Cinven's fundraising efforts. Yagnish Chotai, a partner with the firm since 1996, also retired.

Last August, Dick Munton, one of the firm's founding partners, also retired.

Since March 2007, Cinven has created seven new partners via six internal promotions and one new hire. “The bottom line is that complacency is a real killer for private equity firms,” a spokesman said in a prior interview.