Segulah, a lower mid-market buyout firm in the Nordic region, has lost its managing partner Christian Sievert.
Sievert, who was managing partner from 2003 until spring 2013, will leave the firm in the spring of 2014 to set up his own investment company. He will be backed by a cornerstone investor, according to a statement.
Sievert stepped down from his role as managing partner earlier this year when Segulah’s founding partner Gabriel Urwitz took over leadership of the firm. Urwitz had been a managing partner from 1994 to 2003, when he became chairman. It is understood he’s likely to stay in this role for the foreseeable future.
“I have had the privilege of being part of a team taking Segulah from a small investment company to an established mid-market private equity fund partnership,” Sievert said in a statement. “As I have now been approached for this new opportunity, I hope to be able to use lessons learned at Segulah as an entrepreneur going forward starting a new company with a slightly different investment focus for small cap investments.”
Separately, Segulah has hired Hendrik Lif, who worked at Nordic Capital, as a senior member of the investment team.
The changes at Segulah come as the firm is gearing up to raise between €600 million and €700 million for its next fund, which is likely to come to market in 2014. It is understood the firm’s current fund, Segulah IV a SEK 5.2 billion (€580 million, $790 million) 2008-vintage, is approximately 90 percent deployed.
Segulah declined to comment on fundraising.