It’s unclear when exactly Grove left. She no longer appears on the ABRY website. Grove departed to spend more time with her children, one of the sources said. “She made a lot of money at ABRY,” a second person said.
A partner, Grove joined ABRY in 1999 and focused on sectors such as business services, information and software.
She led ABRY’s investment in Trover, a provider of recovery services to insurance firms, in 2011. Other deals include Executive Health Resources, which was sold to UnitedHealth Group in 2010 for $1.5 billion, and ABRY’s 2012 investment in Source Medical, a provider of outpatient information solutions.
News of Grove’s departure was first reported by Women’s PE Briefs.
Boston-based ABRY targets investments in media and communications as well as business and information services. The firm typically invests between $25 million to $150 million equity per deal, according to the ABRY website.
ABRY was out fundraising for its eighth flagship private equity last year. Fund VIII had a $1.9 billion target and closed in August, according to an SEC filing. The firm’s seventh flagship fund collected $1.6 billion in 2011. Fund VII is generating an average IRR of 11.45 percent and 1.21x average multiple, according to alternative asset data provider Bison.
ABRY did not return calls for comment. A person answering the phone at the firm said they “could not confirm nor deny” that Grove had left the firm.