Steadfast Capital, the German mid-market firm, has reshuffled its senior team with Brian Veitch, one of the firm’s managing partners, stepping back to an advisory role.
In an email to colleagues in January, Veitch said he had taken on a new role – as senior partner – that will take him away from the ongoing business while remaining available to advise Steadfast on “specific strategy and portfolio questions”.
“I will now have more time for other things, which I would like to use for advisory board positions where my experience and network can be of value,” wrote Veitch. “I am particularly thinking of US/UK investors or companies with an interest in Germany.”
A chemist by training, Veitch started his private equity career at 3i Group in the late eighties, initially in Cardiff but subsequently in Germany. He later joined to LGV, the captive private equity unit of Legal & General, and then went on to Electra Partners Europe, which spun out from its listed parent company and later became Cognetas. In 2011, Veitch joined Steadfast Capital.
Veitch’s move into an advisory role was part of a planned succession to prepare the firm for fundraising. The firm continues to be led by Nick Money-Kyrle, who founded the firm by leading its spin-out from German investment bank BHF Bank. The firm has three managing partners: Clemens Busch, Marco Bernecker and James Homer, who is also the firm’s chief financial officer.
Steadfast has already commenced fundraising for its fourth fund with a target understood to be around €250 million, according to a source with knowledge of the process. Its previous fund was a €128 million 2011 vintage. Previous investors in Steadfast include Idinvest, the European Investment Fund and Goldman Sachs Asset Management.
Steadfast Capital were unavailable to comment at the time of going to press.