ICG adds three senior members to North American PE team; opens search for analyst/associate

Intermediate Capital Group, the London-based asset manager with $46 billion in AUM, this week announced three senior additions to its start-up mid-market private equity team based in New York City. It also launched a search for an analyst/associate to provide them with junior-level support.

Climbing aboard the team led by Senior Managing Director Alan “AJ” Jones are senior members Uzair Dossani, Evan Eason and Kevin Gregory. Dossani most recently was a partner at Harvest Partners, where he specialized in backing chemical, industrial, logistics and packaging companies.

Eason was a partner at Olympus Partners specializing in business services, financial services, consumer, and industrial companies. Gregory most recently led the healthcare practice at Aquiline Capital Partners, while also covering financial services and business services for the firm.

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William Riedlinger launches placement agency to help emerging managers raise early funds

Will Riedlinger

Will Riedlinger has started a new firm to help emerging managers, both U.S. and European, raise their early institutional funds.

Late last year Riedlinger launched placement agency WHR Capital based in New York City, PECN has learned. The firm plans to help spin-out groups and other young firms raising funds of $150 million to $300 million or so. Investment strategies of interest include private equity, private credit, pharmaceutical royalties, music royalties, aircraft leasing and turnarounds.

Over the previous year Riedlinger had served as head of institutional sales-Americas at Global Founders Capital, the seed-stage and growth-equity arm of Berlin, Germany-based Rocket Internet.

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Philip Lo joins GPI Capital to head IR, biz dev; hints at hiring plans

Philip Lo this month joined minority-stake and growth equity investor GPI Capital as managing director-investor relations and business development. In an interview with PECN this week Lo said he sees fundraising in the firm’s future, as well as an opportunity for hiring.

Lo most recently served as managing director of investor relations at fast-growing tech specialist Siris Capital, which last year closed a fourth fund at $3.45 billion. Lo was a founding member of the investment team, joining them at hedge fund manager SAC Capitalin 2007, four years before they spun out to form Siris Capital.

Siris Capital quickly became a fundraising force, adding some $6 billion in committed capital to its war chest as well as offering equity co-investments to consummate larger transactions. About five to six years ago, Lo switched from the investment team to investor relations in part to take charge of the co-investment syndication process.

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Executive recruiters anticipate adding to their payrolls 

For those not yet convinced that the private-equity recruitment market is on fire consider the bullish hiring plans of the executive recruitment firms themselves.

Nearly two-thirds of those responding to a survey conducted over the last few weeks by Private Equity Career News said that they anticipated adding one or more people to their private equity practices this year. Just 38 percent said they planned to hold steady. None said they anticipated cutbacks.

The reason is simple: an influx of work. Nearly half (49 percent) said they anticipated handling 10 to 25 percent more private-equity related assignments this year than in 2019. Nearly a third (31 percent) said they anticipated handling up to 10 percent more. Seventeen percent anticipated handling more than 25 percent more. Just one respondent anticipated handling fewer private equity-related assignments this year.

All told 37 executives responded to these and other market-trend questions in my survey. Look for the full results to be published later this year in the executive summary of our forthcoming Guide to PE Executive Recruiters.

Joseph G. Solari III joins talent firm Patina Solutions to expand PE business to East Coast

Joseph G. Solari III

Patina Solutions, which fills talent gaps at companies with consultants, interim executives, and permanent executives, has brought aboard Joseph G. Solari III as managing director-private equity solutions to expand its business with New York and other East Coast private equity shops.

Pointing to Patina Solutions’s network of more than 26,000 seasoned executives ready for assignments on short notice, Solari said he plans to help private equity firms find “those needle-in-a-haystack-type [executives] who can be extraordinary helpful” in both pre-deal due diligence and post-deal execution.

From 2013 to 2019 Solari (pictured) worked at lower-middle-market specialist Saugatuck Capital Company of Shelton, Connecticut. Most recently he served as managing director and partner. Along with his role at Patina Solutions, Solari serves as founder and partner at start-up Greenwich Private Investments. The private investment vehicle makes debt and equity investments in companies in a variety of industries.

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Edgewater Capital seeks analyst/senior analyst for Cleveland office

Mack Doyle

Edgewater Capital, which raised $185 million for its fourth fund just under a year ago, is out searching for human capital this time in the form of a new analyst or senior analyst.

In this role you’ll have an opportunity to dive into deal modeling, deal management, and data room management–see more details here. You’ll also conduct market research designed to pave the way for fresh investments in specialty chemicals, life science, advanced materials and engineered components, as well as to improve the performance of portfolio companies. Candidates should have either one to two years of investment banking experience or two to three years of transaction services or other relevant experience.

The newly created position reports in to Partners Bob Girton and Pete Ostergard. Day to day you’ll work under the tutelage of Associates Mack Doyle (pictured) and Richard Kertis and also interact with everyone on the staff from top to bottom. Said Doyle: “All of those folks have been instrumental in developing me personally and have taken the same approach with the senior analyst that we have currently.”

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MiddleGround Capital plans to hire senior associate/VP for deal origination and IR team

Christine Paras

MiddleGround Capital, which closed its debut fund late last summer above it hard cap, plans to launch a search for a junior-to-mid-level professional to work on deal origination and investor relations.

The ideal candidate would have three to eight years of professional experience and a background in a related field such as investment banking, private equity or management consulting. Christen Paras, head of business development and investor relations, said that the search “will be getting kicked off pretty soon.” The new hire will report to Paras (pictured).

MiddleGround Capital has been on a deal-making, fund-raising and hiring tear since its founding in March 2018 by Partner and CCO Scot Duncan, Partner Lauren Mulholland and Partner John Stewart.

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Most PE professionals enjoyed raises in 2019

The money that continued to pour into the coffers of PE shops last year translated into higher salaries and bonuses for most investment professionals who worked at them.

Fifty-six percent of investment professionals reported getting raises last year, while just 1 percent experienced cuts in salary, according to the Heidrick & Struggles North American Private Equity Investment Professional Compensation Survey, released last month. More than three-quarters (77 percent) reported getting a higher bonus for 2018 performance than they did for 2017 performance.
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Columbia B-School employment report shines light on dramatic PE pay disparities

Ever wonder why so many private equity firms strive to raise ever larger funds? Simple. Larger funds generate more income–more management fees for certain, and more carried interest so long as their deals turn out to be sufficiently profitable.

More management fees translate into higher individual pay, since firms don’t hire at the same pace that they expand their assets under management. And that has led to some remarkable differences in pay for folks doing similar work at large and small shops. More evidence for these disparities comes from the 2019 employment report released by Columbia Business School this fall.

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From great to small, firms allocate lion’s share of carry to partners

You can’t blame small private equity shops for paying less in salary and bonus than the big ones. They simply don’t bring in the same level of management and portfolio-company fees. They can’t support comparable payrolls.

So they make up for it by being more generous when it comes to allocating carried interest, right? Well, not so much, according to the 2019 Carried Interest and Compensation Survey, now in its 12th edition and published by PE Professional.

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