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A lot of handwringing over a tight fundraising market hasn’t stopped a parade of executives from launching PE firms this year.
Among the latest launches, former Oxbow Industries Chief Financial Officer Leah Berend has started Marrin Investment Partners in Minneapolis to back small to medium-sized companies.
Partner Deepak Advani has left buyout shop Hellman & Friedman, the latest in a series of software executives departing PE firms recently.
Advani, one of 21 partners at the firm, leaves shortly after the firm held a final close of $22 billion for its eleventh flagship fund, Hellman & Friedman Capital Partners XI LP, according to press reports this spring.
Deal sponsors compete so hard to hire junior professionals that they woo them almost from the moment they start their two-year investment banking programs in a process called "on-cycle recruiting." Now Sageview Capital and other big firms are in some cases sidestepping the frenzy by hiring and training analysts directly out of college.
Andrew Korn has stepped down from his position as partner at Sageview Capital, a growth equity firm whose founders cut their teeth at legendary buyout shop Kohlberg Kravis Roberts & Co. Korn has joined automated apartment leasing agent MeetElise as CFO.
The departure—Korn's last day was Friday, after 15 years with the firm—comes a few months after Sageview Capital closed, at $710 million, its third fund earmarked for companies in technology, financial services and businesses services.
The team page of Sageview Capital's Web site lists 28 employees, including six partners. It was not clear by press-time whether Korn's departure came as a surprise to limited partners in the fund. It did not trigger a key-person clause in Fund III. Attempts to reach Korn for comment failed to bear fruit.