Succession is in motion at one of Europe’s largest private equity firms: CVC Capital Partners revealed its chairman Mike Smith will retire in January.
Smith, 60, has been with CVC Capital Partners since 1981, when it was founded as the European arm of Citicorp Venture Capital, a captive private investment division within US-based bank Citi. The unit had several names over the years, including Citicorp Venture Capital, and the European arm eventually came to be known as CVC Equity Partners. It spun out in the 1990s to become one of Europe’s biggest buyout shops, having raised more than $50 billion across nine funds, including Asia- and infrastructure-specific vehicles.
This year, CVC ranked sixth on the PEI 300, Private Equity International’s proprietary ranking of the world’s largest private equity firms.
I am very proud of what has been achieved in this time and I would like to thank CVC's investor base for their support and the firm's employees for their efforts, both of which have been a privilege to witness
“I am very proud of what has been achieved in this time and I would like to thank CVC’s investor base for their support and the firm’s employees for their efforts, both of which have been a privilege to witness,” Smith said in a statement.
He will be succeeded by Donald MacKenzie, Rolly van Rappard and Steve Koltes, who will together act as co-chairmen of CVC, according to a statement.
FROM THE ARCHIVES
Back in 2006, PEI sat down with Mike Smith for a rare interview, in which he discussed the prospect of a downturn, staff compensation, public relations and the rise of listed private equity. Click here to read the article.
Donald MacKenzie will chair board meetings and continue as chairman of the investment and portfolio committees. Rolly van Rappard will continue to chair the two private equity boards that are responsible for the day-to-day management of the private equity businesses while Steve Koltes will be responsible for investor relations.
“CVC has always been run as a partnership, making important decisions by consensus and through an executive board structure that includes all managing partners,” MacKenzie said in the statement. “This has served us well in the past and will continue in the future.”
In addition, Rob Squire, who used to work at Coller Capital, has been hired as a senior managing director within the investor relations team at CVC.
© PEI Media Ltd. All rights reserved. Content on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of PEI Media or in the case of third party content, the owner of that content. You may not alter or remove any trademark, copyright or other notice from copies of the content. You may download material from this site (one machine readable copy and one print copy per page) for your personal, non-commercial use only.