Apax Partners, the global private equity firm, has completed a succession plan that sees the leadership of its five different sector teams each split between two co-heads.
The new structure – which is partly designed to give each team an equal weighting in both the US and Europe – sees the firm make room at the top for the “next generation” ahead of the firm’s next fundraising effort, a spokesman for the firm said.
Stephen Grabiner has stepped down as head of Apax’s media team. He is replaced by Christian Stahl in the US and Tom Hall in London. The changes to the media team come after some of the firm’s investments in the sector – such as publishing group Emap and distributor Hit Entertainment – have encountered difficulties.
The healthcare, retail and FaBS (financial and business services) teams all now have co-heads split between Europe and the US, all in their late-30s and installed in the last 18 months.
Among those changing their roles, Richard Wilson, formerly head of Apax’s technology and telecoms team, has stepped down to make way for Andrew Sillitoe and Salim Nathoo, both based in London.
Wilson has since November 2009 been chairman of the European Private Equity and Venture Capital Association. His tenure at EVCA was less than the standard 12-month period, because his predecessor – 3i’s Jonathan Russell – stayed in the role for longer than normal in order to see through changes in the association’s governance structure.
Wilson’s replacement at the helm of the organisation was unveiled on Monday morning as Uli Fricke, managing partner and founder of Triangle Venture Capital Group, a German-based investor in spin-offs from universities and research centres. Wilson continues to advise EVCA as past-chairman.
Earlier this month it emerged that Javier Ecgharri, longtime EVCA secretary general, would step down from his post once controversial new legislation – the EU Directive on Alternative Investment Fund Managers – is finalised.