Cognetas cuts 12% of staff

The UK-based private equity firm joins the ranks of 3i, Blackstone, Carlyle, Shuaa and Investcorp, all of which have made job cuts this month.

European mid-market private equity firm Cognetas has eliminated six jobs, including two from its London office and four across the rest of its European offices.

Cognetas, which employs approximately 50 people, has offices in London, Frankfurt, Milan and Paris.

The firm said that it had “rightsized the business to fit the current market opportunities” given the market downturn, hoping to be “in the best possible shape to take advantage of investment possibilities once the debt markets recover”. It expressed its displeasure at losing the six employees, and wished them well for the future.

There have been recent promotions at Cognetas, including Simon Cottle in London to investment manager, and Cedric Rays to in Paris to partner. Last month Cognetas hired a former main board director at Close Brothers, David Pusinelli, as a senior advisor.

Cognetas joins other firms which have made job cuts this month, including 3i, The Blackstone Group, the Carlyle Group, Shuaa Capital and Investcorp.

Cognetas was originally called Electra, but changed its name in 2005 following a management buyout. The firm currently manages two funds, and has raised capital of more than €2 billion ($2.6 billion).