Albemarle LPs appoint Nova Capital to replace GP

Albemarle Private Equity, led by David Wills and Graham Barnes, has been removed as the manager of a £44m private equity buyout fund raised in 1996. It has been reported that almost 90% of the limited partners in the fund worked together to replace the management with Nova Capital Management. Edinburgh-based Martin Currie, the largest investor in the fund, led the LP syndicate and was believed to have been joined by Rover Pension Fund, Axa Equity Law and Insight Investment. Newgate partners advised the syndicate.

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