Mark Florman, former chief executive of the British Private Equity and Venture Capital Association, has been appointed chairman of LPEQ, the international association of listed private equity companies.
Founded in 2006 by Andrea Lowe and Ian Armitage, former CEO of HgCapital, LPEQ is an international platform of listed private equity companies. The trade body aims to engage with investors to deepen understanding of investment considerations when looking to invest in the private equity sector.
Florman took up the role as chair on 6 September, according to a statement from LPEQ. He replaces Tim Spence, the finance director at Graphite Capital, who was appointed to the role in July 2015.
Graphite Capital transferred its management contract for London-listed private equity fund of funds Graphite Enterprise Trust to London-listed asset manager Intermediate Capital Group (ICG) for £20 million (€24 million; $27 million) in February, as reported by Private Equity International. The listed entity, which invests in private equity funds and private companies and has assets under management of around £500 million, has been renamed ICG Enterprise Trust.
Spence said in a statement that Florman’s appointment “strengthens LPEQ’s ability to be at the forefront of the dialogue between listed private equity and the public capital markets”.
“I firmly believe that the public markets will play an ever greater role in the funding of the private equity industry and the private companies they support. LPEQ's objective of bringing together all relevant constituents interested in listed private equity is unique,” Florman said in the statement.
“I am very pleased to be working with the Board and all LPEQ’s members to fulfil the core purpose of deepening the understanding of listed private equity and its potential to support long-term sustainable returns for companies, their employees and shareholders.”
In January this year, Douwe Cosijn succeeded Lowe as LPEQ CEO.
“[Florman’s] insight, perspective and relationships will be core to our engagement with the private equity firms, institutional and private investors that recognise and appreciate the importance of accessing the liquidity and potential returns the asset class can generate,” Cosijn said in the statement.
“Listed private equity, in the context of the broader alternative asset and private capital markets, has undergone significant change over the past five to ten years. I look forward to working with Mark, as well as our current and future members, to address this market opportunity.”