Nova Capital Management, the private equity firm set up last year to take over the management of private equity and venture capital portfolios, has appointed former Texaco director Andrew Paszkowski to oversee the firm’s debut portfolio.
Late last year, the firm, set up by Lord Hodgson and David Williamson, former chairman and CEO respectively of Granville Baird, and Michael Kelly, senior partner of Executive Interim Management, acquired a £70m portfolio of investments, covering early or mid-stage investments in 20 UK companies from Lica Development Capital. The portfolio included publishing company Duckworth, and Planet Ice, Europe’s leading ice-rink operator. The acquisition was funded by the firm’s management.
Paszkowski, a former Texaco divisional managing director, will be responsible for the management of the Lica portfolio. Paszkowski has more than 25 years’ experience in operational and business development, including positions with Gulf Oil International and downstream and upstream positions at Texaco.
Nova Capital Management, launched in June 2002, positions itself as a specialist management company for private equity and venture capital portfolios that require hands-on attention. Nova says it will not raise a fund itself nor make new investments, but will focus exclusively on active management of portfolio companies, either after acquisition as with the Lica deal or on a profit share basis with a portfolio's current owners.
The firm is working on three other transactions, including one to take over the management of two UK-based technology funds, and an agreement with an unnamed bank to take over the management of one of its troubled portfolios.
In February, UK-listed investment company Caledonia Investments said it would take a 33 per cent stake in Nova Capital. The purchase price was not disclosed.