Leonard Licht has been appointed as the new chairman of HgCapital, the private equity firm formerly known as Mercury Private Equity.
Licht, a former vice chairman of Mercury Asset Management, takes up the newly created position of chairman at HgCapital following its breakaway from Merrill Lynch Investment Managers (MLIM) last year. As a link to the recent past, the company was renamed HgCapital, Hg being the symbol for Mercury in the periodic table. Ian Armitage, chief executive of HgCapital, said of Licht's appointment: I am delighted that Leonard Licht will be joining HgCapital as chairman. Our business will benefit enormously from Leonard's wealth of experience of the investment arena and he will be a great asset to us as we move forward.
Currently, HgCapital has more than 200 pension fund clients and manages Mercury Grosvenor Trust, a quoted vehicle that invests in all of HgCapital's deals. HgCapital is comprised of the private equity interests of Mercury Asset Management, the asset manager bought by Merrill Lynch in 1997.
The firm, which has offices in London and Frankfurt, manages funds of more than EUR1bn and specialises in the healthcare, business services, information and communications technology and media sectors. It focuses on companies valued between EUR15m and EUR400m, investing a minimum of EUR5m in any one transaction. It also executes leveraged buy-outs in other sectors, in companies with minimum enterprise values of EUR40 million.
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