SWITZERLAND/FRANCE/ITALY - Argos Soditic's founder to leave the firm

Bugnone was involved in the fundraising of Euroknights V, the firm's fifth fund due to hold a final close at its hard cap of EUR 275m. He is understood to have communicated his decision to the investors in the fund once the target of EUR 250m had been reached.

Rumor has it that Bugnone had not had the chance to invest in the fund and would not share carry. However, the Italian fund manager and Argos Soditic have said these arrangements were not related to his decision to leave and that he remained on good terms with the firm and its investors. Bugnone has reportedly said he will continue to work in the private equity industry after his departure from the Swiss buyout house.

Other changes within the firm after the closing of Euroknights V include the promotion to partner level of Gilles Lorand and Cedric Bruix in Paris, and Mirco Dilda and Jean Pierre De Benedetto in Milan. Guy Semmens will head the firm's Swiss office, while Gilles Mougenot and Louis Godron will lead the French operations and Matteo Carlotti will continue to manage the Italian office.

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