New hire at PPM fund of funds arm

PPM Ventures, the private equity arm of Prudential, has appointed Simon Faure to its Private Equity Partnerships fund of funds team.

Simon Faure has joined Private Equity Partnerships, the fund of funds arm of London-based private equity firm PPM Ventures, as an associate director.

Faure has joined from Insight Investment, the asset management arm of the Halifax and Bank of Scotland group, where he was jointly responsible for fund of funds investments in the US and Western Europe. Prior to that, he worked at AIG Global Investment (Europe), focusing on European fund of funds and co-investments.

In his new role, Faure will work alongside Roberto Pilotto, PPM’s funds director, and will focus on the development of primary fund investments in Europe and Asia. In a statement, PPM said it expected to add additional resources to its London office in 2005.

Since establishing its €500 million ($648 million) Private Equity Partnerships investment programme in 2000, PPM has committed €340 million to European funds (70 percent of the total) and Asian funds (30 percent), and recently signed four new unspecified commitments to European and Japanese “emerging manager” funds. The programme primarily targets mid-market buyout funds and has a preference for emerging managers.

Pilotto said of Faure’s appointment: “His specialist knowledge and expertise will allow him to play an important role in the growth of our Funds business, which is expected to commit in excess of €160 million over the next couple of years in Europe and Asia.”  

The direct investments operation of PPM Ventures focuses on mid-market management buyouts and buy-ins with a transaction value between €75 million and €500 million.