The co-founders of Europa Capital, the London-based private equity real estate firm, are to leave the company’s executive committees and sell their remaining shares, according to one of its investors.
Charles Graham and Noel Manns will officially step back from their roles at the end of the month, according to a document filed on the San Diego City Employees’ Retirement System (SDCERS) website. However, the document added that the co-founders would remain available to Europa if necessary until the end of March next year.
The document also said that neither of the two men were listed as key men in Europa’s most recent European-focused value-add vehicle, the €750 million Europa Capital V. The US pension fund backed the vehicle, which is Europa’s largest to date, to the tune of $20 million.
The SDCERS document, which was prepared by the pension fund’s investment consultant Aon Hewitt, read: “Executing on their strategic succession plan, Europa Capital Partners’ Charles Graham and Noel Manns have sold their remaining shareholdings in the Firm and will officially step back from their duties on the executive and other committees effective September 30, 2016, but will remain available to the firm if necessary until March 31, 2017. Neither Mr. Graham nor Mr. Manns were listed as key men in the firm’s most recent offering documents for Europa Capital Fund V.”
It is understood that Manns will remain responsible for the Europa’s mezzanine fund, launched in 2012.
In August, Europa announced a raft of promotions as it continued to raise and invest capital for real estate equity strategies. James Fortescue and Hugo Black became partners with the firm, while three other executives, Jonathan Mansie, James Pennington and Carolyn Medwynter were promoted to director. Dipen Patel, Gergely Koos-Hutas and George Minns were promoted to associate director while the final promotion saw Will Hughes become an associate.
Meanwhile, in July, Europa acquired a prime residential building in Madrid – thought to be the first transaction from its latest pan-European investment fund. The €25 million transaction was understood to have been made via Europa Fund V, which was launched last year September with an original target of €750 million.
In April, the firm held a first close on €360 million in equity for Europa Fund V, according to sources familiar with the fund. Europa declined to comment on the fundraise.