Tim Farazmand has joined the London office of Lloyds TSB Development Capital (LDC), the private equity arm of the UK’s Lloyds TSB banking group. He joins the eight-strong team, headed by regional director Simon Dempsey, as investment director responsible for its new business drive.
Farazmand was previously with venture capital firm Catalyst Fund Management & Research, where he was responsible for portfolio management, deal origination and fundraising. Prior to that he had worked as investment director at 3i before joining Royal Bank of Scotland Private Equity (RBPE). He left RBPE in 2002 after the bank signalled a retreat from principal investment.
Established in 1981, LDC is a lower mid-market firm with offices in cities across England, including Nottingham, Birmingham and Manchester.
In a statement the firm said that it hopes to invest £150 million this year.
In 2004 the firm made 11 investments totally £127 million and received gains of £118 million in 16 exits, making it the firm’s biggest year to date. Its deals last year included the €16.5 million buyout of UK online broker comdirect ltd, and the £102 million sale of financial, practice management and tax software specialist IRIS to HgCapital.
This is the latest in a string of appointments at LDC. In the last six months it has also appointed investment directors Yann Souillard and Paul Figgins, and portfolio directors Andy Leach and Stuart Layzell.