VTB lures Wermuth’s private equity head

Andreas Boesenberg has left alternatives firm Wermuth Asset Management to join the private equity arm of Russian financial services giant VTB Group.

VTB Capital, the private equity investment arm of the Russian financial services provider VTB Group, has hired Andreas Boesenberg as deputy head of private equity and special situations.

Boesenberg, who has since 2006 headed up private equity activity for Moscow-based alternatives group Wermuth Asset Management,  will report to VTB Capital’s private equity and special situations head Tim Demchenko.

Demchenko’s VTB Capital team has now completed seven private equity investments since 2008 and has $650 million of private equity assets under management.

The group has positioned itself as a partner to Western private equity firms looking to access the Russian market. In October 2009, it teamed up with TPG to buy a 35.4 percent stake in Russian Hypermarket chain Lenta.

Wermuth was founded in 1999. It is headquartered in Wiesbaden, Germany, but the investment team is based in Moscow. The company has made more than $1 billion in equity investments in Russian listed debt and equity, private equity, real estate, agriculture and forestry, according to its website.

A spokesman for the firm confirmed Boesenberg's departure and said the firm wished him well in his new position.

Wermuth’s private equity team will continue to grow its portfolio companies and plan for exits under the leadership of director Denis Cherkasov and vice president Roman Samsonov, the spokesman said. The firm recently recruited a new chief executive, former Moscow general for VISA International, Maarten van den Belt.

Toby Mitchenall contributed to this report.