Paul Capital loses head of investor relations

The steady flow of talent out of the secondary firm continues with the departure of Joshua Glaser as Paul Capital struggles to raise its tenth fund.

Joshua Glaser, head of investor relations at Paul Capital, has left the firm, according to sources with knowledge of the situation. 

Glaser’s last day was 27 June, though he will be available to the firm until 5 July to help with the transition, sources said. Josh’s role will be taken over by Terry Wetterman, who becomes director of investor relations. 

While it’s not officially clear where Glaser is going, several people familiar with the situation said he is taking on a private equity role at Deutsche Bank raising money from institutional clients. Deutsche Bank did not respond as of press time.

Joshua
Glaser

Glaser joined Paul Capital in 2006 and worked as the executive director of investor relations. Prior to Paul Capital, Glaser worked as director at Forum Capital Partners, where he focused on financial advisory and fundraising activities for firms. 

Paul Capital has been steadily losing talent amid a brutal fundraising for its tenth flagship investment vehicle. The firm has collected at least $145 million on its $2 billion target for Fund X, which has been in the market since last year. 

Partner Bryon Sheets decided earlier this year to step back from daily operations at Paul Capital, retaining the title of senior advisor. Business development manager Anne Pearce and principal Richard Chow also left this year. 

The firm’s pharmaceutical royalties team moved to hedge fund Visium Asset Management, where they are managing out existing Paul Capital Healthcare assets, as well as launching the royalties operation at the hedge fund. Departing executives included Ken Macleod, promoted to partner in 2008, John Leone, who joined as a partner in 2007, Julie Rahman and David Lippman.