Palamon recruits investment strategist

The London-based firm, which is currently raising a €750 million fund, has hired John David from Allstate Investments.

Palamon Capital Partners has appointed John David as a managing director, the firm said in a statement. David will focus on investment strategy.

Prior to Palamon, David worked at Allstate Investments, an insurance company, where he was a global strategist and head of the London office. Previously, he was a senior portfolio manager at Northwestern Investment Management Company.

John David

“His ability to read macro trends and translate them into specific and targeted investment strategies is ideally suited for our investment model. His skills will further augment our capability to develop investment themes and identify niche sub sectors in Europe where growth can drive returns,” Louis Elson, managing partner at Palamon, said in the statement.

The appointment comes as Palamon tries to raise a new fund, Palamon European Equity Fund III, which is targeting €750 million, according to PEI’s in-house database PE Connect. The firm declined to comment on fundraising.

Palamon, which has €1.1 billion of funds under management, typically invests between €15 million and €80 million in service orientated businesses with growth potential. It is currently investing its €670 million European Equity Fund II.

In September, Palamon sold Espresso House, a Swedish coffee bar chain, to Herkules Capital, generating a 3.4x return on the original investment. After exiting five investments, Fund II has so far generated a 2.6x return.