Paul Capital loses business development manager

The departure of Anne Pearce, who worked at the secondary firm since 2005, follows principal Richard Chow, who left Paul Capital recently.

Paul Capital, which is in the market trying to raise $2 billion for its tenth fund, has lost its manager of business development Anne Pearce.

Pearce had been at Paul Capital for more than seven years, according to her LinkedIn profile. Prior to Paul Capital, Pearce worked in business development at AIG.

It’s not clear why Pearce is no longer with Paul Capital; her departure comes shortly after Paul Capital principal Richard Chow left the firm. Several sources told Private Equity International that Chow is taking a job with the Abu Dhabi Investment Authority to help develop the sovereign fund’s direct secondary programme. However, ADIA has declined to confirm that Chow is joining the team.

Paul Capital launched Fund X last summer with a $2 billion target. It’s not clear how much the firm has raised for the vehicle, though it recently received a $50 million commitment from the New Hampshire Retirement System. Paul closed its ninth fund in 2008 on $1.65 billion.

Paul Capital was formed in 1991 and has offices in Hong Kong, London, New York, Paris, San Francisco and Sao Paulo.