There were some unexpected departures in 2016, particularly in the secondaries market, while the most read people-move stories of the year on Private Equity International also included team expansions at large private equity firms.
Here are the top five people moves in private equity this year:
Coller Capital's CEO resigned unexpectedly
In January, global secondaries firm Coller Capital's chief executive and deputy investment officer Tim Jones resigned for personal reasons. The firm's founder Jeremy Coller wrote in a letter to investors at the time: “We know that he has not made this decision lightly, and we fully respect his reasons. I would like to thank Tim for his enormous contribution for Coller Capital over the years.” Jones remained an advisor to the firm.
Park Hill's Caspersen was arrested and charged with fraud
The secondaries space was stirred with news that Andrew Caspersen, who had been a partner with advisory firm Park Hill, was arrested and charged with attempt to defraud two institutional investors of over $95 million . The 39-year-old GP-led restructuring expert was terminated from his Park Hill position immediately, and was sentenced to four years in prison in November . In August, Park Hill replaced Caspersen with the high-profile hiring of Morgan Stanley secondaries head Jonathan Costello.
KKR bolstered Asia senior management team
As the global alternative asset manager entered its second decade of investing in Asia, it expanded its leadership team in Asia in August with the addition of two new managing directors in Beijing and Seoul, and the appointment of a head of southeast Asia based in Singapore. These appointments came as KKR was investing its $6 billion Asia II Fund and $1 billion China Growth Fund, and looking to raise a $7 billion Asia III Fund.
Coller unveiled a new leadership team
Six months after the departure of chief executive Tim Jones, Coller promoted three existing partners into newly-created leadership positions in July. London-based partner Michael Schad became head of investment management, London-based partner François Aguerre co-head of origination, and New York-based partner David Platter a second co-head of origination. At that time, Coller had already invested 24 percent of its Coller International Partners VII, which closed at the beginning of 2016.
Terra Firma hired three new MDs
London-based Terra Firma hired three new managing directors as part of the expansion of its senior investment professionals, which followed the appointment of Justin King , former chief executive of UK supermarket J Sainsbury, as vice chairman and head of portfolio businesses. The firm, which made its first investment since 2012 this year, has also e xpanded into two new areas : direct lending and direct secondaries.