In the wake of a change of ownership, private equity fund of funds manager Quartilium has lost a senior member of its team.
Richard Clarke-Jervoise, a managing director, has left the fund of funds to “pursue a new challenge,” according to a spokesperson for ACG Group, which owns Quartilium. The fund of funds group is now led by Gilles Michat. It’s not clear if ACG Group is replacing Clarke-Jervoise.
Quartilium was formerly part of Groupama Private Equity, which was sold by French insurer Groupama to ACG Group last year. Groupama PE was renamed ACG Capital. Quartilium was merged with ACG’s fund of funds business, boosting assets under management to more than 2 billion euros ($2.8 billion).
At the time of the sale, Groupama Private Equity consisted of two divisions: Quartilium, which had 1.4 billion euros of assets under management, and mezzanine group ActoMezz. Quartilium has raised at least three funds of funds: 250 million euros for its first fund in 2000, 500 million euros for Fund II in 2004 and 1 billion euros for Fund III in 2006, according to Quartilium’s web site.
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