Private Advisors Co-Founder Steps Down

Rafael Astruc is out at Private Advisors, the Richmond, Va.-based alternative asset management firm he co-founded thirteen years ago. Astruc’s final day was last Friday, and he does not yet seem to have new employment.

Private Advisors confirmed the resignation in a brief statement to peHUB, adding that the firm “is operating in its usual manner and does not anticipate any disruptions to the business.”

A source familiar with the situation says that Private Advisors is prohibitted — or at least strongly discouraged against — saying more, due to a nondisclosure agreement over the terms of Astruc’s departure. In addition, the firm is not expected to replace Astruc from an organizational standpoint, leaving fellow co-founder Lou Moelchert alone at the top.

Astruc did not respond to request for comment.

Private Advisors manages a series of private equity, venture capital, hedge and arbitrage funds-of-funds.