The general assembly of trade body the European Private Equity and Venture Capital Association (EVCA) has elected TPG partner emeritus Vincenzo Morelli as its chairman for the next 12 months. He replaces outgoing chairman Karsten Langer.
Morelli was formerly an operating partner in TPG’s European team based in London, with responsibility for managing corporate governance and operational change across TPG’s European portfolio companies.
US-headquartered buyout firm TPG has reconfigured its European team over the past year. Partner Philippe Costeletos stepped down as co-chair of the firm’s team to focus more on deal sourcing, leaving Karl Peterson as the sole European chairman. London-based partner Matthias Calice left the firm at the end of the year, and Morelli scaled back his role at the firm to work part-time (thereby freeing him for the EVCA chairmanship). He is now a partner emeritus at the firm, a spokesman said.
Together with his new appointment, Morelli is also chairman of the European Private Equity Roundtable, whose 26 member firms constitute EVCA’s large buyout platform. He has already served as a director and vice chairman of EVCA since 2010.
Morelli has been chairman of several TPG portfolio companies including Mey Içki and of Bally International, and is a current director at Télédiffusion de France (TDF) and Republic Retail.
I know how effective private equity can be to spur much needed growth on our continent
Vincenzo Morelli, TPG & EVCA
He has extensive experience of the private equity and restructuring industries, as well as a lengthy corporate career, having joined TPG from turnaround specialists Alvarez & Marsal. Prior to that he was a senior adviser to Clayton, Dubilier & Rice, chief executive of former BC Partners portfolio company Kontron Instruments, and executive vice president of FIAT Group. His career began at the Boston Consulting Group in 1975, and also took in an eight year stint at General Electric where he was president of GE’s European medical systems business.
In a statement following his election, Morelli said: “I would like to thank Karsten Langer, our much respected outgoing chairman, for his achievements over the past year during this crucial time for the EVCA to put its case for our industry to society at large.
“We aim to encourage a positive view of private equity and venture capital as a very effective model of company ownership for businesses requiring development and investment to grow or adapt and an indispensably useful source of risk capital for European enterprise. Private equity and venture capital are the providers of funds and stewards to tens of thousands of European companies which require experienced governance and transformational investment. As a long-time company manager, I know how effective private equity can be to spur much needed growth on our continent,” he added.
Dörte Höppner, the EVCA’s secretary-general, added: “Vincenzo has been involved with the EVCA for many years and is well versed in our industry's issues and challenges. We are confident that, under his leadership, the EVCA will be successful in promoting and developing the private equity industry's contribution to Europe's recovery.”