Credit Suisse Real Estate Private Fund Group has suffered the loss of up to 12 professionals from its ranks, as more executives leave to join New York-based investment bank Greenhill & Co.
PERE has learned that key directors and executives left the real estate placement group last week including New York-based Manjul Ramchandani and Lee Purcell, Chicago-based Doug Kinney and Alok Gaur and London-based Daniel Taylor and Ben Linder. It is unclear when they are expected to start at Greenhill, which was unavailable for comment at press time.
Anthony Carpenito has now been named head of Credit Suisse REPFG, which has now been rolled into the private equity fundraising arm, the Private Fund Group.
The resignations follow the departure of the four senior members of REPFG in March. Bill Thompson, Walter Stackler, Pamela Wright and Fredrik Elwing have joined Greenhill as managing directors to build the firm’s fundraising business. REPFG was led globally by Thompson from San Francisco. Stackler, Wright and Elwing were co-heads of the placement agent, operating from New York, San Francisco and London respectively.
Anthony Carpenito has now been named head of Credit Suisse REPFG, which has now been rolled into the private equity fundraising arm, the Private Fund Group, according to sources. He will work with Eric Lemer in London and Maja Orekar in New York.
Credit Suisse – which was named PERE 2009 Global, North America and Europe placement agent of the year – is believed to want to rebuild the business following the departures. A spokeswoman said the bank remained committed to the REPFG business.
London-based Jan-Christoph Klein and New York-based Chris Keber are also believed to have left the real estate placement business, with Keber departing for Starwood Capital Group. A spokesman for Starwood was unavailable for comment at press time.
The real estate placement team was originally co-founded by Thompson together with former REPFG global co-heads David Hodes and Doug Weill at Donaldson, Lufkin & Jenrette, before it merged with Credit Suisse in 2000. Hodes and Weill left Credit Suisse last July to create their own advisory firm, Hodes Weill & Associates.
In 2009, Credit Suisse REPFG raised $3.5 billion of real estate capital, including helping raise €1.3 billion for Orion Capital Manager’s Orion European Real Estate Fund III and $815 million for CLSA Capital Partners’ Fudo Capital II.