SPAIN - Insiders speak on Nmás1 exodus

The unnamed source said that apart from issues related to distribution of carried interest and pay below industry average, there were non-financial factors influencing the mass departure. The nomination of Manuel Carazo, David Santos, Fernando Sanz-Pastor and Manuel Blanco came 'out of the blue' and none of the partners had been consulted about it. The source added that the team did not have any say in most executive decisions and was 'completely stuck', with no prospects of professional development. Additionally, Carlos Gordillo, another key member of the Nmás1 team, is expected to leave the firm in the next couple of days.

As Nmás1 is right in the middle of the fundraising process for its EUR 500m vehicle, the restructuring is bad news. The firm's well-connected partners Fernando Ortiz and Iñigo Zurita - responsible for much of the existing commitments of the fund - have also departed, leaving the remaining members of staff with the tough job of closing the fund by this summer.

The remaining members of Nmás1 did not return calls for comment.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• People
• Southern Europe