SVG Capital, a London-listed private equity investor, has appointed former finance director Lynn Fordham as its chief executive officer.
At the same time Tony Dalwood has been appointed chief executive of SVG Advisers, the listed investor’s third party fund of funds management business. Dalwood was formerly head of public equities for the business.
This is the first time that SVG has appointed separate chief executives and management teams for both its listed investment vehicle – which invests the majority of its assets in Permira-managed funds – and its growing third party fund of fund management business.
Prior to a five-month strategic review that ended last month, Andrew Williams had filled the joint chief executive role. Williams departed the firm in March, when then chairman Nick Ferguson stepped in as an interim replacement. Ferguson now resumes his chairmanship as before.
SVG brought in investment banks JP Morgan Cazenove and Hawkpoint back in December last year to review its direction. At the time SVG Capital had expressed concerns that that the rapidly deteriorating economic climate would leave the investment trust unable to honour its private equity fund commitments.
As a result of the review’s findings, SVG Capital will not be making any significant new fund commitments for the next 12 to 24 months. The listed investor will also maintain its relationship to global buyout house Permira – in whose funds 75 percent of SVG’s assets are invested – although Damon Buffini, chairman of Permira, has stepped down from SVG’s board.
The review also concluded that SVG would retain its listed status, quelling speculation – after secondaries firm Coller Capital purchased a 24 percent stake in the firm – that it was ripe for de-listing.