Vision Capital has lost a second partner and investment committee member in the space of two months as the direct secondaries pioneer shifts its focus to private credit, Private Equity International sister title Secondaries Investor has learned.
Andrew Rich left the firm’s London office in December and has joined JLT, a spokeswoman confirmed. Rich will begin at the London-listed insurance broker as group head of M&A in January.
“We are very grateful for everything that Andy has contributed to Vision Capital over his 10 years at the firm and wish him the very best in his new role and new industry,” Julian Mash, Vision’s founder and chief executive said.
Rich joined Vision in 2007 from Lazard where he was a vice-president focusing on transactions across business services, consumer, industrial, retail and leisure sectors, according to his LinkedIn.
His departure comes two months after eight-year veteran Daryl Cohen, who was also a partner and investment committee member, left to join UK-based mid-market firm Inflexion Private Equity.
Vison announced in July it was moving into private credit, including a focus on providing preferred equity to general partners in deals between €25 million and €500 million. While the firm will raise capital for the strategy, it plans to take a customised approach that will not be dominated by a single fund, Mash told Secondaries Investor in August.
JLT provides insurance, reinsurance and employee benefits-related advice, brokerage and associated services. Its wealth management business helps employers and individuals with financial planning, including investment portfolio construction and monitoring, according to its website.