Citigroup spins off Metalmark Capital


new york 5_sqCitigroup said that it has spun out its New York-based private equity unit Metalmark Capital, but will retail its limited partner interest in its $2.5bn second fund.

Metalmark will retain its management team after parting ways with Citigroup, the firm said in a statement. It will continue to manage its two funds as well as some of the legacy Morgan Stanley Capital Partners funds.

Metalmark Capital chairman and CEO Howard Hoffen said, “We thank Citi for their partnership and we look forward to continuing our long-term relationship with them as we work to deliver value to our investors.

“My colleagues and I have worked together for more than 20 years and we will continue our time-tested and proven investment strategy, and ensure continuity for our investors and portfolio companies.

“Additionally, the hallmarks of our business will remain the same – to build sustainable value by utilizing our industry expertise, embracing complex situations and partnering with strong management teams.”

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