Landmark staffs up to expand in Europe

Connecticut-based alternative investments specialist Landmark Partners is eyeing the European secondary and primary fund markets. The group has appointed Simon Thornton as vice president to spearhead its European expansion. Thornton for the past six years was responsible for fund-raising and investor relations at BC Partners. At Landmark, he will have a dual role, both sourcing European investment opportunities and handling investor relations and fund raising in Europe and the Middle East. Thornton, based in London, will work closely with Chad Alfeld, US-based director of international operations, to execute Landmark’s strategy for Europe and the Middle East.

Landmark principally targets secondary positions in existing funds, but is an increasingly active player in the primary fund market, where it concentrates on first-time funds. The group also undertakes a small number of direct co-investments alongside fund managers with which it has a long-standing relationship. In all, Landmark has raised ten private equity and real estate funds with an aggregate capitalisation of $2.5 billion (euro 2.4 billion). Its latest private equity vehicle, Landmark Fund IX, was launched this July with a target of $500 million (euro 480 million). Its predecessor, which closed on $500 million less than nine months ago, is already 85 per cent invested. According to Venture Economics’ statistics, Landmark has significantly outperformed the median and top quartile benchmarks for private equity funds in the current decade, achieving a 37 per cent IRR for the seven years ended 1997.

Landmark first opened a London office three years ago. Andrew Nalder, appointed to develop Landmark’s European business, soon moved on to become a founding partner of Access Capital Partners, a role he has now relinquished (story, page 7).