Co-head of Gresham Private Equity Mark Youens is set to step down from his job in September after nine years with the firm.
With Youens’ departure, Mark Rimmer will take over as sole head of the team, said the Wall Street Journal.
“The commercial reality is that the number of our portfolio companies has reduced from seven to three, with a view to shrinking to two,” Gresham managing director Charles Graham told the publication.
“We’re divesting assets to return funds to investors, and we’re not quitting private equity.”
The firm is currently in the process of disposing of The Tasmanian Walking Company, which is valued at $13.5m.
Gresham’s A$130m third fund, which was closed in 2008, has made only one investment so far, having backed Silk Logistics Group.
The firm plans to exit the largest investment in its second fund, mining services contractor Barminco, in two to three years via an IPO, Rimmer told the Wall Street Journal.
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