Marson-Smith leaves Gresham

Marson-Smith, who became the firm's chairman in July 2013 and was previously CEO, marks the sixth partner to leave Gresham. Last year it was revealed that partners Anthony Bull, Mark Blower, Mike O'Brien, Gary Ward and Andy Tupholme had all left.

News of Marson-Smith's departure comes as the firm announces plans to raise a new fund, Gresham 5. The planned vehicle will focus on the lower mid-market and regional investment segment. Because of Gresham's plans to reduce its average ticket sizes and focus on small-cap companies, Gresham 5 is expected to be smaller than the GP's current fund and is thought to be targeting around £150m. According to unquote" data, Gresham 4 closed in July 2006 on £340m, well over its initial target of £300m.

The firm has brought in Rede Partners to act as placement agent for the new fund.

It is understood that Gresham has been in talks with existing investors for some time over a new fund, however, it put off formally launching until it secured more exits and returned cash to investors. According to unquote" data, LPs in the fourth fund include Standard Life Investments, AlpInvest, Access Capital, Aviva Investors and ATP Private Equity Partners.

Recent exits include the sale of Hotter Shoes to Electra this month and the divestment of oil & gas recruitment company Swift Technical Group in November last year.

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