by Baz Hiralal
The zombies are still coming. Intermediate Capital Group launched a new secondaries platform, hiring a team by investing in a secondary private equity portfolio. The NewGlobe Capital Partners LLP team comprises Andrew Hawkins, Christophe Browne and Ricardo Lombardi in London and New York. They will lead PE fund recapitalizations and complex restructuring deals which require a specialist asset-driven investment approach.
Hawkins, global head of secondaries at ICG, said in a statement, "The market for complex private equity fund restructurings is now well established as a compelling solution to LPs in older funds, and we believe the opportunity set is growing exponentially as the 2004-08 vintage funds mature. We estimate that there are around $50 billion in fund vehicles in our target vintages."
Hawkins launched the zombie fund finder, NewGlobe, in 2012. Before that, he was a managing partner of Vision Capital, where he led origination and served on the global investment committee. He also acted as chairman of the Vision Capital Americas business in New York. Before Vision, Hawkins was a partner with pan-European private equity firm Palamon Capital Partners, which he joined in April 1999.
Prior to his time as a founding partner at NewGlobe, Browne was a senior principal at Vision Capital in New York and London, leading secondaries portfolio transactions and direct mid-market buyouts. Prior to that, he worked in mergers and acquisitions and leveraged finance at Citigroup Global Markets in London.
Lombardi was a London-based principal at Vision Capital, working with Hawkins and Browne for six years. Before that, he worked in M&A with the natural resources team at Lehman Brothers Holdings Inc.
ICG noted that NewGlobe and investment funds managed by Goldman Sachs Asset Management co-led the acquisition of a portfolio of remaining PE assets from the Diamond Castle IV fund by a new $860 million investment vehicle to be managed by Diamond Castle.
Martin Houston, former chief operating officer of BG Group plc, was named chairman of TPH International, working with Tudor, Pickering, Holt & Co.'s Calgary and London offices to expand the firm's presence and advise on the global gas and LNG markets. Houston joined BG Group in the early 1980s and crafted the build-out of its LNG business.
Lazard Asset Management LLC added Rupert Hope as a director and portfolio manager, working on its emerging market and global multi-asset solution platform.
Hope was a managing director and co-head of global equity distribution at Renaissance Capital, where he built a global emerging markets equity research platform. Previously, he was at Deutsche Bank AG, where he was a managing director leading emerging markets equity teams.
Alberta Investment Management Corp. appointed Kevin Uebelein as CEO. On Jan. 5, he will succeed Leo de Bever, AIMCo's first CEO, who led the firm from its establishment in 2008.
Uebelein was previously president and CEO of Pyramis Global Advisors, an institutionally-focused asset management unit of Fidelity Investments, and was also global head of investment solutions at Fidelity Investments. Previously, Uebelein was with Prudential Financial Inc., including as head of alternative investments, and latterly as chief investment officer for Japan, and then international operations.
Bessemer Trust said Francis Frecentese joined the firm's New York office as managing director and director of hedge funds, working with Bessemer's external hedge funds managers. He will report to Chuck Bryceland, managing director and head of alternative investments.
Frecentese was global head of hedge fund investments at Lyxor Asset Management. Before Lyxor, he was global head of hedge fund investments at Citi Private Bank and global director of alternative investment research at Graystone Research, an alternatives advisory group within Morgan Stanley.
Latham & Watkins LLP enlisted six entertainment, sports and media partners from O'Melveny & Myers LLP: Joseph Calabrese, Christopher Brearton, Robert Haymer, Nancy Bruington and Kenneth Deutsch in Century City, Calif., and Lisbeth Savill in London.
Brearton will be deputy office managing partner in Century City, alongside Los Angeles deputy office managing partner Wayne Flick.
Wells Fargo & Co. tapped former Federal Reserve Board Gov. Elizabeth "Betsy" Duke for its board, effective Jan. 1. She will serve on the risk committee of the soon-to-be 15-director board.
Duke was a member of the board of governors of the Federal Reserve System from August 2008 to August 2013, where she was chairwoman of the Federal Reserve's committee on consumer and community affairs and a member of its committee on bank supervision and regulation, committee on bank affairs and committee on board affairs. Previously, she was chief operating officer of TowneBank from 2005 to 2008, an executive vice president at Wachovia Bank NA from 2004 to 2005, and was at SouthTrust Bank from 2001 to 2004, when it was acquired by Wachovia Corp.
Clippings from the next column:
-- David C. Boutry joins Platinum Equity as head of global business development.
-- LGM Investments Ltd. appoints Stephen Ma as head of Greater China equities.
-- Caledon Capital Management Inc. adds Ontario Teachers' Pension Plan's Stephen Dowd to its infrastructure team.
-- Wilbur L. Ross gets elected vice chairman of Bank of Cyprus.
Intermediate Capital Group hires Andrew Hawkins, Christophe Browne and Ricardo Lombardi to hunt zombie funds.