Capital Dynamics loses 10

Kimberly Romaine
09 September 2011

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Unquoteт has learned that fund-of-funds Capital Dynamics has seen a number of departures recently, some of which stemmed from the recent closure of its Switzerland-focused investments in clean-tech.

Yesterday it was announced that Capital Dynamics' Brazilian team leaders Filipe Caldas and Ricardo Fernandez left to join Hamilton Lane as it opens a Rio office. Other departures include Thomas Schmid, who led the team investing in Swiss clean-tech; head of global sales Joerg Bode; head of UK clients Olav Koenig and the head of sales for Switzerland/Italy/Middle East Christoph Gisler. In May, Christian Diller and Marco Wulff launched Montana Capital Partners after leaving Capital Dynamics. Koenig, currently on gardening leave, will be joining CP Eaton.

There have also been accusations that senior management, including John Gripton and Janusz Heath, are stepping back, however any reduction in their involvement is down to pre-determined plans to phase in retirement and not indicative of a strategy shift.

A source close to the firm said that a "difficult economic situation" manifested in 2007 when erstwhile investor Reiner-Marc Frey became conflicted through an investment in Swiss Re. "We asked him to unwind our agreement," the source said. The current Swiss departures are linked with these issues with Frey.

Capital Dynamics was founded in 1999 and has $21bn under management. With approximately 160 professionals, the departures represent just over 6% of its staff turnover.

Capital Dynamics currently manages more than $700m in clean-tech investments and expects to raise several hundred more by year-end. Earlier this year, Capital Dynamics and US player Tangent Energy Solutions announced a joint development agreement to invest in commercial-scale solar energy projects in the US.

Another Switzerland-based fund-of-funds, Unigestion, also has interests in environmental investing. However, its debut fund has reduced its target size from $250m to roughly €100-150m.