Owayda to leave SVG Advisers

The CIO of the influential private equity advisory group will depart by the end of the month, a source confirmed. SVG Advisers is a division of SVG Capital, the UK-listed vehicle that has committed capital to London private equity firm Permira since 1996.

Solomon Owayda, the chief investment officer of SVG Advisers, will leave the firm, the latest shakeup at a firm with close ties to Permira.

Owayda’s biography is no longer listed on the SVG Advisers website. A source close to the firm confirmed with PEO that Owayda will leave the firm by month’s end.

Owayda is based in SVG Adviser’s Boston office. The firm is a division of SVG Capital, the UK-listed vehicle that has since 1996 committed capital to London private equity firm Permira. SVG Advisers was formed in 2001 to further grow and diversify the company’s third-party capital management business. Today, SVG Advisers manages Permira feeder vehicles, private equity funds of funds, hedge funds and a “CLO equity” fund. At the end of 2007, SVG Advisers reported total funds under management of €4.4 billion.

The source did not know what Owayda’s future plans were.  Owayda joined SVG in 1997 when it was called Schroder Ventures. Before that, he was director of alternative investments at the California State Teachers' Retirement System.

In related news, Permira chairman Damon Buffini is reportedly to step down from his position on the board of SVG Capital, signaling a material change in the relationship between the listed fund manager and the private equity giant. Late last year, Permira allowed its LPs, including SVG, to reduce their commitments to the latest Permira fund. The move was widely seen as being in response to SVG’s liquidity issues. Permira owns a roughly 4 percent stake in SVG Capital.

SVG Advisers has grown significantly in recent years. As recently as 2002, the firm reported total assets of only roughly €200 million.