Sheets steps back amid Paul Capital fundraise(2)

One of Paul Capital’s senior leaders, partner Bryon Sheets, is moving into a senior advisor role.

Bryon Sheets, a member of the leadership group at secondary specialist Paul Capital, is stepping back from his day-to-day role with the firm to take on a senior advisor position.

Sheets, a partner in the firm’s San Francisco office, has been with Paul Capital since 1994. David de Weese, partner at Paul Capital, confirmed Sheets’ move and said it did not trigger any key man provisions in the funds. de Weese and another source in the market characterised Sheets’ decision as being driving by his long tenure at the firm.

Bryon Sheets

Paul Capital communicated Sheets’ decision in a letter to limited partners a few weeks ago, de Weese said. A few other executives, Simon Guenzl, Brian Sullivan and Dan Mulderry, will take over some of Sheets’ responsibilities, de Weese said.

Sheets’ move comes at a curious time as the firm has been in the market since last summer trying to raise $2 billion for its 10th fund. Paul Capital has lost some other executives in recent months, with manager of business development Anne Pearce leaving in January and principal Richard Chow departing around the same time to take a job with the Abu Dhabi Investment Authority.

It’s not clear how much the firm has raised, but it did receive a $50 million commitment from the New Hampshire Retirement System earlier this year.

Earlier this month, Paul Capital acquired 18.2 percent of FIP 1, a fund managed by Brazilian venture capitalist Ideiasnet, paying about $40 million. FIP I holds stakes in six of Ideiasnet’s 11 portfolio companies, according to a statement from the Brazilian firm.