Updated Deloitte LLP is in the process of shutting down its Fund Placement Advisory Group, peHUB has learned. The London-based effort employed 10 professionals, and focused on helping to secure fund capital for mid-market buyout firms in Europe.
No word yet on why the effort is folding, but some of its key members have already found new employment. Group head James Coleman has joined Probitas Partners, where he will lead the U.S.-based firm’s European efforts from London. Director Vincent le Hodey also will join Probitas, with a focus on European relationship management and secondary fund advisory. The pair will bring at least two of their Deloitte mandates with htem over to Probitas, although both are said to be near completion.
We’ve reached out to a Deloitte spokeswoman in London, and will update this post if we hear back.
Update Deloitte sent the following statement, via email: “Due to an increasingly complex regulatory environment in this area, we have decided that it is no longer practical for Deloitte to maintain a Private Equity Fund Placement Service in the UK. We are working hard to ensure that there is no inconvenience to clients. This was a niche service offering, and we remain fully committed to the PE sector.”