Fund of funds veteran Jonny Maxwell has left Allianz Private Equity Partners, the captive fund of funds investment arm of insurance giant Allianz, which he has led since 2007.
His departure – effective as of the end of November this year – follows a restructuring of Allianz’s private equity activities in the summer, which saw the group’s direct private equity investment arm merged with its indirect investment and infrastructure businesses.
Stefan Sanne and Matts Lungren, two managing directors within Allianz Capital Partners, are also set to leave the organisation, with their final day scheduled for December 31st.
All three departures are on “good terms”, said a spokeswoman for the firm.
Maxwell’s career in private equity fund investment is long and distinguished. He joined Allianz from UK group Standard Life Investments. During his 17 years there he built the private equity business into an international multi-client manager with more than €5.5 billion in assets.
He began his career in private equity in 1984 at Stewart Fund Managers and has been involved in both fund and direct investment transactions since then.
The reorganisation of Allianz’s alternatives platform was revealed in July this year. In response to “significant investment opportunities” in the alternatives sectors anticipated over the coming years, the insurance group merged existing units responsible for indirect private equity investment, as well as investments in infrastructure and renewable energies into Allianz Capital Partners (ACP), its direct investment platform.
Thomas Pütter, who had been chief executive of ACP, changed roles to be chairman of its investment committee.
Karl Ralf Jung, formerly chief executive officer of Allianz Alternative Assets Holding, became chairman of ACP’s executive committee. No mention was made of Maxwell’s future in Allianz’s restructuring press release in July. Jung has taken responsibility for the fund investment side of ACP’s business – that which was formerly Maxwell's APEP group.
ACP intends to double its invested assets, which currently stand at around €7.5 billion, during the next five years, the spokeswoman said, adding that it now had a broad mandate to make opportunistic equity, mezzanine and sub-ordinated debt investments.