DLJ MB Remains In Holding Pattern as Industry Partners Bail

TowerBrook Capital Partners yesterday announced that it has partnered with John Janitz and Dom Schiano to explore investments in the industrial and related sectors.

The pair previously served as “industry partners” with DLJ Merchant Banking Partners, and remain listed on the DLJMB website. Also still listed is fellow industry partner Scott Marden, who left two months ago to join Compass Partners (along with a couple of principals).

All of this should serve as a reminder that DLJMB is nowhere near raising a new fund. It’s still investing out of a $2.1 billion vehicle that closed in Q3 2006, and which has less than $150 million left in uncommitted capital (following a recent $165m infusion info Swiss smart metering co. Landis+Gyr).

A source close to the firm had told me last July that the plan was to begin pre-marketing Fund V in Q3 or Q4 of last year, with formal fundraising to occur this year. Maybe the first part occurred, but the latter certainly did not. Instead, the firm remains stuck in a holding pattern…