Synova appoints Ashlin as partner

Ashlin joins from Phoenix, where he was a partner focused on healthcare & education investing. Notable deals led by Ashlin while at Phoenix include Acorn Care and Education, and Porthaven Care Homes, which Phoenix backed in 2011.

Prior to Phoenix, which he joined in 2004, Ashlin worked for Close Brothers Corporate Finance, having qualified as a Chartered Accountant with PwC.

The appointment is an interesting one for Ashlin, moving from the competitive mid-market segment into a lower mid-market-focused fund. Commenting on his transition, Ashlin said: "I am excited to have joined Synova for a number of reasons: a strong track record, a focus on what I believe is a largely under-served part of the market, and the strength of pre-existing relationships I have with the other partners."

The appointment sees Ashlin reunited with former colleague Philip Shapiro, who worked with Ashlin at Phoenix prior to founding Synova in 2007.

Also of note is Synova's significant investment in senior staff outside of the fundraising cycle. Synova closed its second fund last year on £110m, which was heavily oversubscribed and raised in less than three months. Rather than bringing in senior people in the wake of its fundraising, Synova's decision to bring in new partners at this stage highlights the firm's commitment to developing junior staff over the coming years.

Ashlin's arrival brings Synova's partnership headcount to five. The firm's two founders, David Menton and Shapiro, headed up Synova until the promotion of Alex Bowden from investment director to partner in July 2012 and the addition of CFO Daniel Parker earlier this year.

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