Hermes builds out direct investment team

Hermes Private Equity has made its third appointment in as many months, hiring former CVC Capital Partners investment manager Justin Ward as a director.

Hermes Private Equity (HPE), the private equity arm of Hermes Pensions Management, has recruited former CVC Capital Partners investment director Justin Ward as a director.

Ward spent seven years at the UK buyout firm, having spent several years as a chartered accountant at Arthur Andersen working in London and Paris in the firm’s tax and corporate finance team. While at CVC, Ward worked on mid-market and large UK and European buyouts.

 

Ward becomes the third recruit to join the firm over the summer following the appointment of Gillian Brown as a director of its funds team, whilst Shane Feeney has joined its direct investment team as an investment director.

 

The business is led by Rod Selkirk, the former managing director at Bridgepoint Capital who joined the firm in April 2002. The funds investment team is made up of four professionals, while the direct investment team, which will invest from the Hermes Private Equity Partners I fund, is made up of six professionals.

  

The appointments have come as Hermes takes steps to develop a direct investment private equity business. The firm now has over £1bn committed to private equity, both as an active investor in external private equity partnerships, as well as building its own significant direct investment activity, Hermes Private Equity Partners, which earlier this year had a first close on £200m.

 

The capital for the firm’s direct investments has come from one of Hermes’ clients, BT Pension Scheme, and Hermes Private Equity will invest between £15m and £25m in growth companies worth £100m to £200m. Other major clients include Royal Mail, RailPen, Sainsburys, Unilever, CalPERS, PGGM, ATP and over 25 UK Local Authorities.