A managing principal at The Blackstone Group subsidiary Park Hill Group, Kim Pedersen, has left to found his own advisory boutique.
His new venture, Arrow Point Advisors, has been registered in Seattle, and was incorporated in June this year, according to Washington State’s website.
Pedersen could not be reached for comment, but his online profile confirms his current position as founder and managing partner at Arrow Point, as well as his departure in August from Park Hill. A source close to Pedersen said he planned to work with a discrete number of GPs in the US as their European liaison.
Christopher Leach, one of three remaining managing principals in the London office of Park Hill Group along with Peter Mayer (hedge funds) and Audrey Klein (real estate), emphasised that it was “business as usual” following Pedersen’s departure. Leach has sole responsibility for the private equity side of Park Hill's European business.
“PHG Europe remains an integral part of the global fundraising platform”, he said in an email to Private Equity International.
Some industry participants had suggested Pedersen’s departure was evidence of Park Hill diverting attention away from the European market, with the firm choosing instead to concentrate on North America and Asia. However, Leach strongly denied this was the case, citing recent hires to grow the business as evidence.
PHG Europe remains an integral part of the global fundraising platform
Park Hill has made three hires into the European private equity team in recent months. Additionally it has made one into the hedge fund team, and one into the real estate team, Leach said. The appointments were all below partner level, and have brought the London office's total headcount to 11 people. Leach said the firm would consider making further hires on an opportunistic basis.
In New York, the firm has six managing principals within a team of 31, with a further two in San Francisco, and one each in Chicago and Dallas. Its overall US headcount is 38, according to the firm’s website.
Prior to joining Park Hill, Pedersen was a partner at Nordic fund of funds group Nordea Private Equity where he was responsible for structuring new products, sourcing, and performing due diligence on US private equity funds. He has also held senior positions at the Washington State Investment Board, technology investment group Maristeth Ventures, and placement agent Thomas Capital Group.