Hermes GPE chief to step down

The departure of Alan MacKay comes as the fund of funds accelerates its restructuring process, paving the way for its business to be split into distinct private equity and infrastructure units.

Alan MacKay, CEO of fund of funds Hermes GPE, is to step down at the end of September, according to a source close to the matter. 

MacKay, who’s been heading Hermes since its formation three years ago, won’t be replaced. He will maintain an equity stake in the group, and will continue to assume non-executive and advisory roles within the company. He has no plans immediately lined up for the future, the source said. 

MacKay’s move was first reported by Private Equity News. 

Alan MacKay

His departure comes as Hermes forges on with the restructuring process it embarked on last March, aimed at splitting the group in two seperate private equity and infrastructure businesses. The firm’s private equity operations will continue to be led by Peter Gale, while Peter Ho will remain at the head of the infrastructure business.

“We are focusing on shifting the emphasis from an integration and build-out phase to one of growth, with more distinct positioning of our private equity and infrastructure capabilities,” commented Hermes in a statement. 

Hermes GPE was formed in 2010 through the merger of London-based Hermes and Gartmore Investment Management. MacKay’s tenure had been primarily focused on integrating both groups into a single structure, according to the statement. 

The firm’s assets under management, which have grown from £6 billion to £10 billion over the period, also have gradually diversified to encompass significant infrastructure and co-investment investments, the source said.