UK-based private equity firm Terra Firma has asked veteran manager Damien Darragh to leave the firm after 20 years.
Darragh was set to head up the $2bn Renewable Energy Infrastructure Fund Terra Firma is currently attempting to raise according to Reuters, which broke the news.
It said Terra Firma admitted it asked Darragh to leave following a review, saying that Mike Kinski, Stefan Thiele and Ingmar Wilhelm – who joined the firm in November 2013 – would lead the renewable energy team.
A statement from the firm said, “Mike, Stefan and Ingmar have outstanding financial, operational and transactional skills.
“In addition, as a team they bring strong leadership experience from corporate backgrounds, a proven talent for fundraising and a true passion for the sector.”
The firm trimmed its ownership stake in the company to 69 per cent, and earned gross proceeds of £234m from the listing.
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