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Nov 18 2010 | 4:11am ET
Barclays will spin off its private equity unit through a management buyout next year.
Barclays Private Equity’s top executives won’t pay a penny for the business, with Barclays opting to take a share of the independent firm’s profit over the next several years, the Financial Times reports. BPE will split from Barclays next year, following the first close of BPE’s next buyout fund.
After the management buyout, Guillaume Jacqeau, a director in the group’s Paris office, will be named head of the firm. He will also head the French branch of the business, succeeding Gonzague de Blignières.
Having a single leader is a change for BPE, which for the past five years has been led by a triumvirate composed of the heads of its London, Paris and German offices. But the structure led to a “fierce power struggle” among the offices, one investor told the FT.
The head of the London office is another of the casualties of the spin-off, with Paul Goodson leaving the firm. He will be replaced by Rob Myers. In addition, London’s Owen Clarke will be named chief investment officer.
BPE has €4 billion in assets under management. The group hopes to raise €1.5 billion for its upcoming fund, a sizeable drop from its previous fund, which raised €2.4 billion. Barclays will not invest in the new fund.