Royal London Private Equity (RLPE), the mid-market private equity house currently working on its first fundraising, has recruited John Dillon, Richard Caston and Duncan Johnson, all formerly at Royal Bank Private Equity.
Dillon joins RLPE as a managing director, while his colleagues come in as directors. The business, which was set up last year, is lead by David MacLellan, chief executive, and Peter Linthwaite.
RLPE already manages a private equity fund portfolio valued at about £60m. In October 2001, it launched a new buyout fund which is currently looking to build on a £50m cornerstone investment from The Royal London Mutual Insurance Society. The overall target for the fund is to £200m.
Commenting on the appointments, David MacLellan said in a statement the firm intended to further increase its headcount over the coming months in order to take advantage “from the ever improving investment climate in the UK.”
In leaving Royal Bank Private Equity, the captive private equity business that is part of The Royal Bank of Scotland, the trio have followed in the footsteps of Tim Farazmand, a senior figure at RBPE who departed recently after the bank announced a restructuring of the division.