PineBridge’s Foushee plans new venture

Scott Foushee, the long-time emerging markets-focused managing director at PineBridge Investments (and before that, AIG Investments), is in the process of starting his own niche shop, according to sources. 

Foushee left PineBridge about a year ago, according to sources. 

Foushee’s new venture, called Acme Partners, will focus on direct investments in emerging markets, according to Foushee’s bio included in marketing materials for the International Finance Corporation’s and the Emerging Markets Private Equity Association’s global private equity conference for 2014. 

Foushee declined to discuss details of his firm. 

Scott Foushee

Foushee is one of numerous executives to depart from PineBridge over the past year. He started with AIG Investments in 1996 and led the firm’s direct investments team focusing on Turkey, the Middle East, Africa and Russia and the countries of the former Soviet Union. Foushee also developed and led AIG Silk Road Fund, which focused on the countries of the former Soviet Union, according to the IFC/EMPEA bio. 

It’s not clear if PineBridge has directly replaced Foushee. Last year the firm opened its Middle East and North Africa headquarters in Bahrain, led by Talal Al Zain, the former chief executive of Bahrain’s sovereign wealth fund. 

Earlier this year, PineBridge lost the head of its private equity secondaries business, Harvey Lambert, as well as managing director Kennon Koay. Pablo Calo, the head of the firm’s European secondaries business, left and joined Park Hill Group earlier this year. 

The secondaries team had been raising its third fund targeting $1.3 billion, but that target was cut to $500 million. As of earlier this month, PineBridge had collected $130 million for the vehicle, according to documents filed with the US Securities and Exchange Commission.

PineBridge also has lost talent on the fund of funds side of its business, including Rhonda Ryan, head of European investments in the private funds group. Also, Kristina Matthews, managing director for Central and Eastern Europe private equity team, left the firm. 

Both the secondaries and the primary funds businesses have been consolidated under the leadership of Steve Costabile, head of the global funds team.

PineBridge was formed when AIG Investments was integrated into Pacific Century Group in 2010. At the time, Hong Kong billionaire Richard Li, who controlled Pacific Century Group, agreed to pay $500 million for parts of AIG Investments. Last year, long-time chief executive Win Neuger stepped down from his role at PineBridge, moving into a vice chairman role. He was replaced by David Jiang.