- Carl-Johan Falkenberg has worked at Triton since 2007
- Fund V will be Triton’s largest ever
- Fund IV closed in 2013
A senior executive at Triton left the firm as the European shop wraps up marketing on its largest fund to date, prompting questions from some investors about the timing of the departure.
Carl-Johan Falkenberg, co-head of the firm’s Nordics and business-services team, left the firm recently, Marcus Brans, Triton’s head of communications, confirmed for Buyouts.
Falkenberg worked at Triton since 2007, according to his LinkedIn profile. He was a member of Triton’s executive committee and services investment committee.
It’s not clear whether Triton will name a successor to Falkenberg.
Falkenberg’s departure comes as Triton is preparing to close its largest-yet pool, Triton Fund V, on around 5 billion euros ($5.69 billion). Whether Fund V has officially closed is unclear.
An LP with knowledge of the firm said the departure is significant for Triton because Falkenberg was an important part of the investment team, helping run the services strategy.
LPs don’t like situations in which senior professionals leave a firm just after a fund closes because they committed capital backing a specific team.
“It would be kind of bad form if he is taking off after just closing fundraising,” the LP said.
Another senior executive, Björn Nilsson, is leaving the firm at year-end, two sources said.
The LP said Nilsson’s impending departure has been communicated by the firm to fund investors. Nilsson has worked at Triton since its inception in 1997, according to his biography on the Ovako website.
Nilsson works on financing activities and is a leader in the wholesale and logistics group within the business-services sector.
Triton closed its last fund, Triton Fund IV, on 3.3 billion euros in 2013, the Wall Street Journal reported at the time.
Fund IV was generating a 12.2 percent net internal rate of return and a 1.2x multiple as of March 31, 2018, California Public Employees’ Retirement System data shows.
Action Item: Check out Triton’s Form ADV here: https://bit.ly/2EF6HnZ