Close Brothers Private Equity spins out

Mid-market specialist Close Brothers Private Equity is finally leaving its parent, following nearly a year of conjecture since an ultimately unsuccessful takeover (by Stewart Cenkos of Blackstone) was speculated in January.

Close Brothers Group referred to the action in its November interim management report: "... we have re-organised our interest in the Close Brothers Private Equity partnership, which has resulted in the deconsolidation of £0.4 billion of Funds under Management. We have also seen some reduction in management fees, as a result of both lower activity levels and changes in mix."

The new entity will be called CBPE Capital and is said to be looking for £500m for its inaugural independent fund, to which the former parent will not be committing. Currently, CBPE has EUR1bn under management and invests in businesses with an enterprise value of up to £100m.

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