Private equity firm CVC Capital Partners is losing a key Asia-Pacific executive in the midst of its negotiations over the restructuring of Nine Entertainment's debt.
Adrian MacKenzie will leave his post as CVC's Australia and New Zealand chief in December, according to a note to investors. MacKenzie has been with CVC for 17 years, 15 of them in the Asia-Pacific region, and joined the firm's board in 2007.
MacKenzie has reportedly been seeking an exit since April, but agreed to remain on to spearhead talks with Nine's lenders, including hedge funds Apollo Global Management and Oaktree Capital Management. The Nine restructuring is likely to cost CVC its entire initial equity investment of A$1.9 billion.
"Adrian has been a successful partner at CVC and was instrumental in establishing our Asian business and in launching our first Asia fund in 2000," firm co-founder Rolly van Rappard wrote. "It has been Adrian's decision to leave and he will remain a friend of the firm."
Graham Brooke, a Sydney-based managing director, will take over MacKenzie's duties in Australia.