- Departure triggers key-man provision
- Firm moves other executive to lead fund
- Closed debut European mid market fund last year
Jannik Kruse Petersen, head of EQT’s European middle-market fund, is leaving the firm after a transition period, a spokeswoman confirmed for Buyouts.
The leadership change at the fund tripped a key-man provision, which was resolved by the firm moving another executive into the leadership role, an LP with knowledge of the firm said.
Harry Klagsbrun, partner, took over the European middle-market group in September, EQT’s website said.
Kruse Petersen joined EQT in 2004. He led the firm’s first foray into the European middle market, which resulted in EQT raising 1.6 billion euros ($1.85 billion) for EQT Mid Market Europe last year. Klagsbrun, meanwhile, joined in 2006.
It’s not clear why Kruse Petersen is leaving. The LP said EQT will likely try to raise the next mid-market European pool in 12 to 18 months, and it wanted to give time for a new head of the group to take the reins before the fundraising.
LPs in the debut European middle-market fund included a lot of European institutions like pensions AP4, AP6 as well as Danske Bank Wealth Management and DnB Private Equity.
The fund also counted a few U.S.-based LPs, like Teachers’ Retirement System of Illinois, GoldPoint Partners, HarbourVest Partners and Neuberger Berman.
EQT’s middle-market European strategy targets companies in Northern Europe.
Upon closing fundraising, EQT had closed four investments out of the European middle-market fund: TransIP, a domain-hosting and private service provider in Denmark; German cybersecurity company Utimaco; Adamo, a fiber-based service provider in Spain; and Fertin Pharma, a Denmark maker of medicated chewing gum.
Action Item: Read more about Kruse Petersen here: https://bit.ly/2OZW6Jf