Capital Dynamics acquires Westport Private Equity

Capital Dynamics has purchased Westport Private Equity from Man Group in a transaction which is due to close by April 2005. Following completion, Capital Dynamics, based in the US and Switzerland, will become one of the world's largest independent private equity asset managers, with more than $5bn invested, and over 250 buyout, venture, and mezzanine managers worldwide. A team of 35 professionals located in the UK, US and Switzerland will manage capital on behalf of more than 40 institutional investors.Established in 1988, Westport is one of the oldest private equity fund-of-funds managers in Europe and advisor in the UK and European pension markets. John McCrory, who has guided Westport through several strategic phases, will step down as CEO in order to pursue personal interests. The UK investment and client teams will be led by senior investment professionals, John Gripton and Angela Willets and Mark Drugan - founding members of Westport. At closing, Capital Dynamics will own a controlling interest in Westport and merge its operations with Capital Dynamics' existing asset management business. Man's remaining stake will be acquired by Capital Dynamics over the next two years, based on certain performance objectives.

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