Quilvest Private Equity, the private equity arm of Quilvest Group, has lost its chief executive officer Michel Abouchalache.
Abouchalache will be leaving to start his own company, according to a Quilvest statement. Abouchalache will remain chief executive officer of Quilvest Group until the end of 2014.
However, Abouchalache will continue to have a role at Quilvest. He will remain on the boards of Quilvest Group, Quilvest & Partners and several portfolio companies as well as the investment committee of all existing direct funds and funds of funds.
He will be succeeded by Guy Zarzavatdjian, a former managing partner at 3i's growth capital business, who will join Quilvest Private Equity on 1 July 2014.
“It has been a great privilege to have led the development of Quilvest for the past 13 years and I thank the group’s shareholders for their trust and this unique opportunity. The gradual transition with my successor will help maximize the value of the existing portfolio,” Abouchalache said in the statement.
Zarzavatdjian, 56, began his career at Eli Lilly before moving on to join a family business. Zarzavatdjian joined 3i in 1987 where he held various positions in France, in Benelux where he created the office in Amsterdam, and in the UK as a member of the Group Executive Committee.
During these 25 years he was directly involved in over fifty operations, oversaw investments in Europe, the U.S. and in emerging countries, and participated in various fundraisings, both in private equity and buy-out. He was managing director of 3i France until 2006. After that, he became managing partner of 3i’s growth capital business. Zarzavatdjian left 3i in March 2013, according to a 3i spokesperson.
Quilvest Private Equity was originally established as the wealth management office of the Bembergs, the German/Argentinian family behind the Quilmes beer brand. The firm has been investing in private equity since 1972.
Quilvest Private Equity has a number of annual funds from which it makes direct investments. It also manages 16 fund of funds vehicles, including QS PEP 2012 which held a $150 million final close in May last year. QS PEP Core, the firm’s successor fund of funds, held an $80 million first close in January 2013; it hopes to raise a maximum of $400 million for this fund, plus another $300 million for separately managed accounts, parallel to this vehicle.
Last year, Quilvest Private Equity raised $1.3 billion in 2013 across its various vehicles, well ahead of its annual $500 million target.