Legal & General’s private equity arm, which is winding down its operations, confirmed to AltAssets that chief executive Ivan Heywood has retired from his job after more than 20 years with the firm.
The firm named managing directors Bill Priestly and Michael Mowlem joint CEOs to replace Heywood, pictured.
Back in March insurer Legal & General said LGV would wind down its operations after 25 years after deciding that buyout investments would not be a core part of its portfolio.
It said the decision was not due to regulatory pressure in the wake of the financial crisis, which has prompted many European banks and insurers to spin out their private equity arms.
LGV has raised more than £1bn across its seven funds including its last, which closed on £170m in December 2010. The firm has focused on companies with enterprise values of over £25m in the consumer, healthcare, leisure and services sectors.
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