Hermes appoints Bridgepoint for direct private equity
UK - Hermes has appointed Bridgepoint to take on the management of Hermes Private Equity's £550m (US$787m) direct investment private equity portfolio.
The asset management firm - which is wholly owned by the BT Pension Scheme - said Bridgepoint would become the manager of Hermes Private Equity Partners II and Hermes Private Equity Partners III.
Hermes Private Equity's ten-strong direct investment team transferring to Bridgepoint and operating as a separate business division of Bridgepoint under the name Bridgepoint Development Capital.
It said the appointment followed a decision by Hermes to focus on its fund of funds business in private equity.
Hermes Private Equity's fund of funds activity - which has around £1.7bn of assets under management - will continue to be led by Susan Flynn supported by a team of nine.
Hermes chief executive Rupert Clarke said: "Where existing activities cannot be developed to their full potential within Hermes, we have moved those assets to third party managers.
"This is a strategic move, allowing us to increase the focus on private equity fund of funds activities which best meet our clients' needs."
Hermes said it had a longstanding relationship with Bridgepoint - and had been a leading investor in Bridgepoint's three European middle-market buyout funds raised since 2000.
The decision to approach Bridgepoint to manage the HPEP funds now extends this relationship to cover investment in smaller buyouts and development capital across Europe.
Hermes Private Equity's ten-strong direct investment team transferring to Bridgepoint and operating as a separate business division of Bridgepoint under the name Bridgepoint Development Capital.
It said the appointment followed a decision by Hermes to focus on its fund of funds business in private equity.
Hermes Private Equity's fund of funds activity - which has around £1.7bn of assets under management - will continue to be led by Susan Flynn supported by a team of nine.
Hermes chief executive Rupert Clarke said: "Where existing activities cannot be developed to their full potential within Hermes, we have moved those assets to third party managers.
"This is a strategic move, allowing us to increase the focus on private equity fund of funds activities which best meet our clients' needs."
Hermes said it had a longstanding relationship with Bridgepoint - and had been a leading investor in Bridgepoint's three European middle-market buyout funds raised since 2000.
The decision to approach Bridgepoint to manage the HPEP funds now extends this relationship to cover investment in smaller buyouts and development capital across Europe.
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