AltAssets – Multi-boutique asset manager Hermes Fund Managers will move away from direct private equity investments. As such, the firm has appointed Bridgepoint, the European private equity firm, to manage its direct investment vehicles, Hermes Private Equity Partners II and III. The appointment will see Hermes Private Equity’s ten-strong direct investment team transfer to Bridgepoint and operate as a separate business division under the name Bridgepoint Development Capital.
The move follows a decision by Hermes to focus on its private equity fund of funds business and, as a consequence, to exit direct private equity investing which is no longer core to its activities.
