CCMP dismisses 4 prior to fund close

CCMP Capital Advisors, the growth equity and buyout investor that was spun out of JPMorgan Chase, has let go a managing director and three principals as the firm makes room to add to its lineup of operational experts. A fifth professional has left for another buyout firm.

The dismissals come after New York-based CCMP decided that its roster was too heavy on financial expertise and too lean on operational expertise, a source close to the firm said. Leaving are Managing Director Lauren Tyler and Principals Carty Chock, Jason Friedman and Stephan Oppenheimer. Taking their place will be a group of new full-time operating partners to be announced in the coming months. CCMP has 15 managing directors and five principals remaining. All of its managing directors and two principals are in New York, while three principals in London.

The firm’s first independent fund is scheduled to close on July 30, with Credit Suisse serving as the placement agent. The fund has a $3.5 billion target.

Formerly known as J.P. Morgan Partners, CCMP split from the bank in August 2006 amid a wave of similar spin-outs.

In other CCMP personnel news, the firm’s managing director and investment committee member Mat Lori left to join New York-based buyout shop New Mountain Capital, effective in July. CCMP declined comment, citing regulatory restrictions due to fund-raising. —Mark Cecil