A stable Foundation?
Vista Equity‘s mid-market fund family is experiencing another leadership shake-up. Marc Teillon, who was appointed co-head of Foundation funds in 2019, will transition into a senior adviser role, our colleagues at Buyouts report (registration required). He’s replaced as co-head by Martin Taylor, who has been at Vista since 2006.

Taylor will be the second new leader appointed to the Foundation funds in recent years. In 2021, former Foundation co-head Rob Rogers stepped out of leadership and the firm appointed co-head Patrick Severson to run the strategy alongside Teillon. The latter’s step back does not appear to have triggered a key person provision in the funds; as of 2021, Foundation had a two-tier key person structure, the second of which is only triggered if a majority of members depart.

Vista is investing its 2020-vintage Foundation Fund IV and is expected to launch a successor this year. LPs will no doubt hope that this latest leadership shake up is Foundation’s last for some time.

To compete, or not compete?
Non-compete clauses among private fund advisers may soon be the exception more than the rule. That is the intended result of a January proposal by the US Federal Trade Commission, our colleagues at Regulatory Compliance Watch report (registration required). The new rules, which are not just for asset managers, private fund advisers and banks, would effectively ban employers from entering into non-compete clauses with workers and require them to rescind existing non-competes.

Industry practitioners told RCW that while adoption of the rule would be game changing, getting there won’t be straightforward. “The FTC is really reaching with this one,” said Ted Hassi, a partner at Debevoise & Plimpton. “The FTC’s proposal has a number of significant flaws and will be subject to considerable legal challenges which have merit and will likely prevent the rule from coming into force.” In the meantime, PE executives are advised to think defensively, take stock and review their non-compete/non-disclosure policies.

Monumental move
Monument Group is going Dutch. The global placement firm has launched an office in Amsterdam, according to a Wednesday statement. The bureau, which will be passported for the EU, joins Monument’s existing footholds in London, Hong Kong, Boston and Tokyo. Its efforts in Europe will be co-led by partners Janet Brooks and Karl Adam, who have been with the firm for 15 years and eight years, respectively. “As a growing financial centre in post-Brexit Europe, Amsterdam is a logical fit,” managing partner Mike Miller said in the statement. “Our Amsterdam-based team is well positioned to further engage with European investors and general partners and take an active role in the growing secondaries market.” Fellow placement agent Rede Partners also opened in Amsterdam in December.

Essentials