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Gerry Grimstone will step down as chairman of Candover Investments as the investment team breaks away to form a new entity, Arle Capital Partners.
The firm’s secondary team, which has committed 75% of its $2.9bn Fund VII, has jointly funded the spin-out of a German VC group whose new media portfolio includes some high profile companies like Groupon.
A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.
Newbury Partners, launched by Auda Advisors’ former secondaries team, has already committed 25 percent of its debut fund.
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