MAY 12, 2010 Healthcare Shop Makes Management Debut

Healthcare-focused advisory firm Marwood Group is assembling its first private

2 Ripplewood Alum Broadens Pitch
equity fund.
2 CIVC Campaign Dragging to Finish The New York outfit is seeking $250 million for the vehicle, Marwood Capital
Health Investors. It isn’t using a placement agent.
2 747 Back on Marketing Trail The plan is to take controlling and non-controlling interests in U.S. healthcare-
3 Resilience Eyes Big Equity Increase service companies with enterprise values of up to $300 million — particularly
those that stand to benefit from new government healthcare measures, including
3 Evercore On Hunt for Placement Pros President Obama’s Patient Protection and Affordable Care Act. They would include
companies that work with medical insurers and healthcare providers.
3 LGT Vehicle Taking Final Commitments Marwood was founded in 2000 by John Moore and Edward Kennedy Jr., a son of
4 Neuberger Picks Up Pequot Portfolio the late Sen. Edward Kennedy. In February, they hired two professionals to help run
the new vehicle: Diane Dayche and Marc Aronstein. Dayche most recently worked as a
4 Report Spurs NC Hiring Initiative See HEALTHCARE on Page 2

4 NYU Creates Seed-Capital Pool

4 Lacers Invites Consultant Proposals
EnerVest Ready for Capital-Raising Sprint
EnerVest Management, a Houston firm that invests in oil-and-gas properties,
has quietly locked up an initial round of capital for its latest fund.
The shop held a first close for its EnerVest Energy Institutional Fund 12 last
THE GRAPEVINE week with $253 million from 18 limited partners. It’s seeking $1.5 billion overall.
Even with such a large goal, EnerVest’s campaign has been low-key enough that few
David Cody and Chris Suan joined market players were aware of the effort until now. It’s even unclear when the push
MatlinPatterson last week as partners began. What is clear, however, is that the undertaking is meant to move quickly.
tasked with exploring a possible expan- According to documents that limited partners received with last week’s close,
sion of the New York firm’s investment EnerVest will cut off fund raising eight months from now — rather than the 12
strategy, which currently encompasses months that private equity firms usually give themselves after an initial round of
private equity funds that seek control of marketing. And things could go even faster if EnerVest gets its way, as the firm said
troubled companies and a non-control it expects to hit its equity target this summer.
oriented hedge fund. The two are looking EnerVest buys, develops and operates oil and natural-gas fields. Its performance
at opportunities worldwide. Cody held a See ENERVEST on Page 6
top post on Fortress Investment’s fund-
marketing team until last month. Suan
headed non-U.S. investments at D.B.
NEA Operations Chief Splits for Foundation
Zwirn. He left the hedge fund manager Eugene Trainor is leaving his post as New Enterprise Associates’ chief operating
prior to its takeover by Fortress last year. officer to take a similar job at Foundation Capital.
Trainor officially exited NEA on Feb. 19, but agreed to continue working with
Distressed-asset investor Bayside Capital the Menlo Park, Calif., venture capital shop for a few months to assure a smooth
hired David Robbins last week as a manag- handoff. Chief financial officer Tim Schaller and general counsel Louis Citron are
ing director in New York. Robbins previ- absorbing his duties, with no immediate plans to hire a direct replacement.
ously evaluated and executed control-ori- Trainor joined NEA about a decade ago and took over day-to-day responsibili-
ented investments in distressed debt as a ty for the firm’s non-investment activities with his promotion to head of operations
senior managing director at GSC Group. in 2002. He earlier served in a similar capacity at New York asset manager Cramer
Before that, he worked at Blackstone Rosenthal McGlynn.
Group. Bayside is a Miami affiliate of H.I.G. Foundation, led by founder Bill Elmore, invests mainly in early-stage software,
Capital. The firm is currently trying to clean-technology and consumer-Internet companies. It has been deploying capital
See GRAPEVINE on Back Page at an increasing pace this year. ❖
May 12, 2010 Private Equity INSIDER 2

sale encompassing some $400 million of stakes in the firm’s

Ripplewood Alum Broadens Pitch earlier vehicles. The buyers, which included Adams Street
A Tokyo firm is assembling its first broadly marketed pri- Partners, Canada Pension Plan, Goldman Sachs and Pomona
vate equity fund. Capital, agreed as part of the transaction to commit about the
Iwakaze Capital hopes to raise some $200 million for the same amount to Fund 4.
vehicle, Iwakaze #2 Investment. Young America Capital is serv- But according to Preqin, CIVC had collected just $281 mil-
ing as placement agent. lion by the time it held a first close in March 2009 — suggest-
The fund would invest in small and mid-size companies in ing that the stapled portion of the secondary sale may have
Japan that produce digital media, automobile parts, electronic been renegotiated. UBS, which brokered the trade, is serving as
components and industrial machinery, with a focus on those the new fund’s placement agent. ❖
that can sell their products elsewhere in Asia and eventually
worldwide. The thinking is that as the businesses grow, they
could become attractive to buyers in other countries. Iwakaze
747 Back on Marketing Trail
plans to avoid overpaying for investments by finding deals on its Fund-of-funds manager 747 Capital is expected to start
own, while staying away from auctions and offerings from inter- pitching its latest vehicle in the next month or so.
mediaries. It’s aiming for a net rate of return of 20% or more. The New York firm will likely try to collect about $100 mil-
The firm’s first fund follows a similar strategy. It raised 2.1 lion for the fund, presumably called 747 Stuyvesant 3.
billion Japanese yen ($22 million) in 2008 from four institu- Typically, 747 invests with managers that seek to raise less
tional investors in Japan. than $400 million — a profile that fits buyout or growth-capi-
Iwakaze is headed by Kenji Ueda, who co-founded tal specialists investing in companies valued at $100 million or
Ripplewood Holdings unit Ripplewood Japan in 1999. He set below. It’s among a number of fund-of-fund shops that employ
out on his own in late 2007, after spending nine years as a such limitations. The argument is that mid-size operators have
managing director at another Ripplewood-related operation an easier time creating value than big ones, as they face less
called RHJ International. Other top members of the team competition for deals and use less leverage.
include Fuyuki Yamaguchi, who has worked at Bain & Co., AIG However, the limits can occasionally mean that underlying
and Movida, and Shinichiro Ishikawa, previously of Boston managers outgrow the funds of funds’ investment parameters.
Consulting and GDH Group. ❖ For its previous fund, 747 also sought to raise $100 million.
But the marketing pitch was dampened by the global financial
crisis, and the firm wound up with $50 million for a final close
CIVC Campaign Dragging to Finish in late 2008. The shop is led by managing partners Marc der
CIVC Partners is finally cutting off capital-raising efforts for its Kinderen and Gijs van Thiel. ❖
latest buyout fund, two years after it began shopping the vehicle.
The Chicago firm expects to hold the final close for its CIVC
Partners Fund 4 by the beginning of July. It’s apparently stick-
Healthcare ... From Page 1
ing with a $575 million equity target, lowered some time ago partner at CPP Equity, a Hartford venture capital firm that is
from an original $700 million — although one investor said now unwinding. Aronstein was a managing director at New
the total might end up as low as $450 million. York buyout-fund operator Beekman Group.
CIVC is among scores of private equity firms whose mar- Marwood’s main business is advising private equity firms,
keting efforts were hampered by the broader financial-market lenders and healthcare companies on acquisitions, with a
downturn. But one soured deal in particular has stood out: a focus on legislative, regulatory and insurance-related matters.
2003 transaction in which the shop teamed up with Blackstone It began producing healthcare research in 2003 and formed its
Group, Cypress Group and PMI Group to buy bond insurer FGIC advisory arm in 2005, with a long-term goal of starting a pri-
from GE Capital for almost $2.2 billion. vate equity fund.
CIVC’s stake, amounting to 7%, marked its biggest deal Along the way, some private equity clients have asked
ever. And it had disastrous results, as FGIC later took a beating Marwood if it would act as a co-investor. Now it plans to do
on exposures to troubled mortgage securities. The guarantor just that, taking minority positions alongside advisory cus-
still faces claims it can’t pay, and CIVC has realized less than tomers. It will also seek out its own deals. The firm separately
10% of its investment. “I think they really paid for that,” the runs a hedge fund-focused fund of funds. ❖
investor said. “Their track record is really good, but they did
that deal.”
CIVC raised $650 million for its third fund, which held its Planning Your Travel Schedule?
final close in October 2003. As of Sept. 30, 2008, the latest data Check out the comprehensive listing of upcoming private equity
available, that vehicle was running a 29% rate of return. conferences in The Marketplace section of PEinsider.com. The
calendar is divided into three sections: the industry’s main events,
Marketing for the new fund appeared to be off to a strong conferences to be held in the U.S. and those to be held outside
start in June 2008, when Bank of America — one of CIVC’s the U.S.
biggest backers — completed a “stapled” secondary-market
May 12, 2010 Private Equity INSIDER 3

Nomura, by way of the bank’s 2008 takeover of the European

Resilience Eyes Big Equity Increase businesses of former Neuberger parent Lehman Brothers.
Cleveland special-situations shop Resilience Capital is in In addition to complementing its European staffers with
discussions to assemble its biggest fund ever. some U.S. counterparts, Evercore is looking for funds to repre-
In preliminary talks with investors, the firm has pointed sent. They might include buyout, turnaround, distressed-asset
toward an equity target of $200 million for its Resilience Fund and infrastructure vehicles. Eventually, the firm plans to work
3 — up from the $55 million collected by its 2006-vintage sec- on 10-12 assignments at a time, each typically with an equity
ond fund and the $26 million raised for its 2002 debut. A for- goal of $300 million to $1 billion.
mal marketing effort will likely start in the next month or two. Evercore inherited five accounts from Neuberger, but all
Resilience invests in struggling U.S. companies, working involve clients in Europe. “Evercore is actively evaluating a
across a variety of sectors. While the equity target for the firm’s number of interesting third-party fund-raising opportunities
third fund may seem ambitious in light of its previous efforts, and is particularly focused on building out a high caliber U.S.
the earlier vehicles worked with co-investors on many deals. sales team to complement the European business,” said Dana
The new fund apparently would scale back those activities, Pawlicki, who heads origination and marketing strategy in
meaning more capacity to pursue investments on its own. New York.
Performance appears to be on Resilience’s side. The firm’s The overall fund-raising unit is led by Richard Anthony in
first fund was producing a 90.6% rate of return as of Sept. 30, London.
according to Preqin, and its second vehicle is also delivering Neuberger, meanwhile, kept a number of sales professionals
gains. to shop its own funds. Still, Evercore is in talks to represent
Of course, investors have wrestled for years with the ques- Neuberger on some offerings and will temporarily share some
tion of whether the returns of smaller pools can be duplicated revenues with the firm. ❖
in larger formats. Skeptics point to the huge amounts of capi-
tal that flowed into venture capital vehicles during the dot-com
boom, only to vanish as that market crashed in 2000. While
LGT Vehicle Taking Final Commitments
Resilience operates in a different market, it still has to convince LGT Capital has set its sights on July to hold a final close for
investors that its approach would translate for a bigger fund. its newest fund of funds.
Resilience was founded in 2001 by Bassem Mansour and That would be about two years after LGT finished an initial
Steve Rosen. Mansour previously worked at the former round of marketing for the vehicle, Crown Europe Middle
McDonald Investments, a unit of KeyBank. Rosen’s prior Market 2. Expectations are that the Pfaffikon, Switzerland,
employers include Merrill Lynch. ❖ firm will wind up with €400 million to €450 million (up to
$575 million).
That’s less than initially expected. While LGT never set a
Evercore On Hunt for Placement Pros formal equity target, one limited partner — London Borough of
Evercore Partners is seeking to fortify the placement-agent Hillingdon Pension — earlier cited a projected total around
business it bought from Neuberger Berman in February by hir- €600 million.
ing four or five fund-raising professionals. The shortfall largely reflects a broad decline in demand for
The recruits would fill positions at the vice president level private equity products since the fund’s first close, which
or higher, handling fund-marketing work in various regions pulled in €268 million. But the vehicle is drawing a late surge
across the U.S. of interest, thanks to strong performance since then. The
New York-based Evercore currently employs eight former fund’s returns have remained in positive territory all along,
Neuberger placement professionals who handle fund-raising, buoyed by some discounted secondary-market purchases
business-origination and project-management functions. But made in 2009. Those holdings have since doubled in value,
most of its current fund-raising specialists are in Europe. They with the overall portfolio worth 1.25 times equity after fees
include vice president Christian von Massenbach, who just charged by the underlying managers.
came on board to cover Germany. He most recently worked at It has also helped that the bulk of the fund’s investments
came after September 2008, the onset of the worst stretch of
the global financial crisis. The vehicle focuses on buyout-ori-
Need Reprints of an Article? ented deals in Europe. It maintains a 20% allotment for sec-
Want to show your clients and prospects an article that ondary transactions, which is currently full. New limited part-
mentions your company? We can reprint any article with ners can get in on existing holdings at the original price, plus
a customized layout under Private Equity Insider’s logo —
an ideal addition to your marketing effort. Contact Mary an interest rate of 200 bp over Libor.
Romano at 201-234-3968 or mromano@hspnews.com. The fund’s predecessor raised €609 million in 2007.
Information on reprinted articles is also available on Separately, LGT is expected to hold a final close soon for its
PEinsider.com in the “Advertise” section. latest secondary-market vehicle, Crown Global Secondaries 2,
at or above its $750 million goal. ❖
May 12, 2010 Private Equity INSIDER 4

these types of investments could serve to improve the risk and

Neuberger Picks Up Pequot Portfolio return characteristics of the portfolio and lower costs,” Ennis
Pequot Capital has finally found a buyer for a package of Knupp wrote in its 188-page report. “However, these types of
healthcare-company stakes it began shopping last August. investments should only be added to the portfolio if the appro-
The now-defunct hedge fund manager struck the deal in priate internal and external resources are added.”
the last month or two, agreeing to ship the holdings to Once it has more resources on hand, Ennis Knupp suggests
Neuberger Berman for an undisclosed price. The package, con- that North Carolina Public Employees split its alternative-
taining interests in about a dozen private companies, had a net investment allocation to separate private equity products from
asset value around $50 million. Houlihan Lokey brokered the hedge funds. The pension currently has 4.5% of its capital
trade. invested in alternatives, mostly in venture capital, buyout,
The holdings came from Pequot Healthcare, a unit that growth-equity and special situations vehicles. Only a small
Pequot began unwinding in 2008. That division invested in amount is in hedge funds. ❖
both public and private companies. Pequot’s broader opera-
tions went into shutdown mode last May amid an insider-trad-
ing investigation by the SEC.
NYU Creates Seed-Capital Pool
Pequot, led by Art Samberg, managed some $15 billion at its New York University has set up an account through which it
peak. ❖ plans to back startup businesses that use technology or intel-
lectual property developed at the school.
The university is calling the vehicle NYU Innovation
Report Spurs NC Hiring Initiative Venture Fund. It hasn’t said how much capital it is putting into
North Carolina Public Employees is working to expand its the effort, which focuses on seed financing of information-
private equity staff. technology, physical-science and life-science companies.
The effort is geared toward implementing parts of an April Overseeing the effort is Frank Rimalovski, who started this
19 review from Ennis Knupp & Associates. They include the week as a managing director of the fund. Until last week, he
addition of more direct private-company investments, co- was at New Venture Partners, a firm he co-founded in 2001 as
investments and commitments to secondary-market funds — a spinoff from Lucent Technologies’ Bell Labs.
tasks the $67 billion pension system can’t tackle with its cur- Aspects of Rimalovski’s work will be similar to what he did
rent workforce. at New Venture, whose initial investments had ties to Lucent.
Right now, Craig Demko is the only North Carolina Public The firm is now investing through its fourth fund, which
Employees staffer focused on private equity investments. But raised $300 million. ❖
Ennis Knupp has told the organization that it should have at
least four people manning its portfolio, which currently
amounts to $3 billion. Ideally, it would be working with a team
Lacers Invites Consultant Proposals
of eight. Los Angeles City Employees is looking for a general invest-
To move toward that goal, North Carolina Public Employees ment consultant.
plans to add two portfolio managers. The $9.7 billion pension system has set a June 2 deadline for
The staff search comes as State Treasurer Janet Cowell has applications, and aims to select a winner by June 30. That’s
already been trying to find a new chief investment officer for when its contract with current consultant Pension Consulting
North Carolina Public Employees since August 2009, when she Alliance expires, after a one-year extension.
dismissed Patricia Gerrick from the post. Gerrick was among The organization only plans to consider candidates that
the state government’s highest-paid workers, with an annual already work with one public pension plan with assets of $5
salary of $340,000. billion of more. Pension Consulting, based in Portland, Ore.,
Cowell commissioned the Ennis Knupp report in August, presumably will seek a renewal.
and more recently asked the firm to conduct a separate asset- Los Angeles City Employees is advised on alternative
allocation study that should be complete in coming months. In investments by Hamilton Lane of Bala Cynwyd, Pa., with
last month’s report, the consultant also suggested the pension Pension Consulting also overseeing a specialized portfolio
make more use of outside firms to manage and expand its pri- within that program. ❖
vate equity portfolio. Strategic Investment Solutions currently
serves as the organization’s private equity consultant, but only
supplies input on specific issues. Expectations are that the
retirement plan will seek fresh proposals from advisors rather Still Receiving Private Equity Insider the Slow Way?
than simply expand Strategic Investment’s mandate. You can switch to e-mail delivery and get the lowdown on the
Ennis Knupp suggests that by pursuing direct investments, alternative-investment business the moment it’s published, every
Wednesday morning. The subscription price is the same for
as well as co-investments, North Carolina Public Employees delivery by e-mail or snail-mail. Switch to e-mail delivery by
could save on manager fees. It’s looking at secondary-market calling 201-659-1700.
plays in part as a portfolio-balancing tool. “Increased use of
May 12, 2010 Private Equity INSIDER 5

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start investing until later this year.

EnerVest ... From Page 1 EnerVest joins a few other energy-focused firms in raising
records support its capital-raising optimism, with a 36% net capital. Sheridan Production is trying to collect $1.3 billion for
rate of return since its launch in 1992. The firm’s ninth fund, a its second fund, while EnCap Investments is seeking $2.5 bil-
2001 vintage vehicle with some $240 million, was running a lion for its eighth vehicle and ArcLight Capital also aims for
68.5% rate of return as of Sept. 30, according to Preqin. Fund $2.5 billion for its fifth offering. There was talk this week that
10, a $550 million pool assembled in 2005, was already return- ArcLight had held a first close for its fund, although there’s no
ing 16.4%. word if the firm hit its round-one goal of $400 million.
The 2007-vintage Fund 11, meanwhile, is still too new to be EnerVest’s investments are similar to those of EnCap. The
posting meaningful results. It raised just over $1 billion, and firm is headed by Mark Houser, Jon Rex Jones, James
still has about $250 million to put to work. Fund 12 wouldn’t Vanderhider and John Walker. ❖

CALENDAR

Main Events
Dates Event Location Sponsor Information
June 2-4 SuperReturn US 2010 Boston ICBI www.icbi-events.com
June 9-10 Venture Capital Investing San Francisco IBF www.ibfconferences.com
Sept. 27-30 SuperReturn Asia 2010 Hong Kong ICBI www.icbi-events.com
Sept. 28-29 Private Equity Analyst Conference 2010 New York Dow Jones www.dowjones.com
Nov. 16-19 Super Investor 2010 Paris ICBI www.icbi-events.com
Jan. 25-26, 2011 Private Equity Analyst Outlook 2011 New York Dow Jones www.dowjones.com
Feb. 28-March 3 SuperReturn International 2011 Berlin ICBI www.icbi-events.com

Events in US
Dates Event Location Sponsor Information
May 17-18 Tax Practices for Private Equity Funds New York FRA www.frallc.com
May 17-19 Private Investment Funds Tax Master Class New York FRA www.frallc.com
May 19-20 Medtech Investing Conference Minneapolis IBF www.ibfconferences.com
May 20 Deals and Diligence Symposium Jersey City, N.J. ACG dealsanddiligencesymposium.com
May 20 Global Secondary Investing Conference New York Thunderbird School www.thunderbird.edu
May 20-21 Energy Efficiency Finance Forum Chicago FRA www.frallc.com
June 9-11 Private Equity World Latin America 2010 Miami Terrapinn www.terrapinn.com
June 10 Leadership in the Private Capital Markets Los Angeles Argyle Exec. Forum www.argyleforum.com
June 10 Private Equity Investments in Food & Beverage Cos. New York Capital Roundtable www.capitalroundtable.com
June 10 High Yield Bond Conference New York NYSSA www.nyssa.org
June 16 Global Distressed Debt Investing Summit New York iGlobal Forum www.iglobalforum.com
June 17 Deal Making in the Energy Sector New York Argyle Exec. Forum www.argyleforum.com

Events Outside US
Dates Event Location Sponsor Information
May 20-22 Private Equity Seminar Series London IIR www.iir-events.com
May 25-26 International PIPEs Conference 2010 Shanghai Deal Flow Media www.dealflowmedia.com
May 26-28 CVCA’s Annual Conference Ottawa, Canada CVCA www.cvca.ca
June 8-9 Vietnam Investment Summit 2010 Ho Chi Minh, Vietnam Terrapinn www.terrapinn.com
June 10-11 Private Equity Convention Russia & CIS London Global Directors www.gdforum.co.uk
June 21-22 Acquisition & Leveraged Finance Asia 2010 Hong Kong Euromoney www.euromoneyseminar.com
June 28-30 SuperReturn Emerging Markets 2010 Geneva ICBI www.icbi-events.com
July 14-15 International Wind Financing Summit London Hanson Wade www.hansonwade.com
Aug. 16-19 Infrastructure Investment World Africa Johannesburg Terrapinn www.terrapinn.com
Aug. 31-Sept. 3 Infrastructure Investment World Asia 2010 Hong Kong Terrapinn www.terrapinn.com
To view the complete conference calendar, visit The Marketplace section of PEinsider.com
May 12, 2010 Private Equity INSIDER 7

FUND-RAISING ACTION

Target
Placement Amount
Manager Fund, Key Executive Type: Focus Agent (Mil.) Action
Earth Capital Partners, ECP Forestry Fund One, Timber: Latin $300 Just began
London Stanley Fink America marketing.
EnerVest Management, EnerVest Energy Institutional Fund 12, Buyout: Oil and $1,500 Held first close
Houston Jon Rex Jones and John Walker gas properties with $253 million.
ASee Page 1
Iwakaze Capital, Iwakaze #2 Investment Limited Partnership, Buyout: Japan Young America $200 Just began
Tokyo Kenji Ueda Capital marketing.
ASee Page 2
Madison Dearborn Partners, Madison Dearborn Capital Partners 6, Buyout $7,500 Held final close
Chicago Paul Finnegan and Samuel Mencoff with $4.1 billion.
Partners Group, Partners Group Value 2008, Secondary market €500 Held final close
Zug, Switzerland Stefan Naf with €537 million.
To view all past Fund-Raising Action entries, visit The Marketplace section of PEinsider.com

presents
2009 Leadership in the
Private Capital Markets 2nd Global Distressed Debt
+VOF




t


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May 12, 2010 Private Equity INSIDER 8

ties taper off is Jason Cipriani, who heads Wynnewood, Pa., assembled its first
THE GRAPEVINE BofA’s strategic fund investment unit in fund in 2008 and has made two invest-
... From Page 1
Charlotte. Sources said he and a few col- ments so far. CMS Cos. also manages
leagues could move by the beginning of $600 million via funds of funds under
raise $1 billion for its third fund, which September to Sterling Stamos, a New the banner of CMS Fund Advisors.
would seek control of a range of compa- York hedge fund shop in which BofA
nies worldwide. holds a partial stake. Sixpoint Partners has added two direc-
tors to its investment-banking business,
ComVest Group has added another senior Lina Rubin took over last month as head whose services include capital-markets
executive, amid efforts to raise $500 mil- of UBS Wealth Management’s alternative- and fund-placement work for private
lion for its fourth fund. The latest recruit, investment division, which deploys client equity firms. Aaron Tavel joined the New
Greg Reynolds, joined the West Palm capital to private equity vehicles and York shop this week from Citigroup,
Beach, Fla., firm within the past two hedge funds. She had joined the bank’s where he spent 10 years. And Jeff Klein
weeks as a managing director focused on New York office in 2007 from law firm arrived two weeks ago from the capital-
finding and maintaining non-control- Weil Gotshal. markets team at Lazard, where he was a
oriented lending investments. Reynolds director. At the 2-year-old Sixpoint, both
previously was a director at Dymas Leila Blodgett has left HarbourVest focus on finding new clients and main-
Capital, a financing affiliate of turn- Partners, where she was a vice president taining relationship with existing
around specialist Cerberus Capital. His in charge of managing relationships with accounts.
hiring comes about two months after the investors and their consultants.
arrival of another managing director, HarbourVest hasn’t named a replace- Blue Harbour Group, a Greenwich Conn.,
Abry Partners alumnus Roger Marrero. ment. Blodgett cited personal reasons for firm that bills itself as applying a private
her exit from the Boston firm, which she equity approach to investing in public
Market players are buzzing that Bank of joined in 2005 from a research post at companies, has hired a portfolio manag-
America could soon lose several execu- Cambridge Associates. er. Todd Marcy previously served as a
tives whose oversight encompassed a portfolio manager at now-shuttered
$1.9 billion portfolio of fund interests CMS Mezzanine is seeking an analyst or hedge fund firm Principled Capital. Blue
that the institution sold to AXA Private an associate to help find and evaluate Harbour is led by Clifton Robbins, who
Equity last month. Among those cited as investments. CMS Mezzanine, a debt- has worked at General Atlantic Partners
candidates to leave as their responsibili- focused unit of CMS Cos. of and Kohlberg Kravis Roberts.

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