Placement agent Probitas Partners changed hands recently in a management buyout, with two senior members of the team taking control, Probitas confirmed to Buyouts.
Ray Tsao and Haakon Gresvig, managing directors, will take over ownership of the firm from the founders after regulatory approvals, the firm said in a statement shared exclusively with Buyouts.
“This completes the vision of the firm’s original founding partners to pass on the legacy and future of the firm to members of our organization that have been so important to its success over the years,” said Craig Marmer, one the firm’s three founding partners.
Probitas was formed in 2001 by Marmer, Michael Hoffman and Greg Hausler. Hoffman retired from the partnership in July, Buyouts previously reported. The three all came from Credit Suisse prior to Probitas.
Tsao and Gresvig were named managing directors last year, along with Caryn Feinberg and John Caley. Gresvig, who joined Probitas in 2015, worked as a director at Wedge Alternatives and Goldman Sachs. Tsao, who joined in 2009, worked at Credit Suisse in the technology group prior to joining Probitas.
Some of Probitas’ recent fund closings include China mid-market shop Centurium Capital, which closed on $2 billion in July; and China mid-market growth firm Forebright, which closed on $300 million in June.
The firm also worked on the debut fundraising of Hidden Harbor Capital Partners, which closed in January on $266.3 million.
Action Item: Check out Probitas’ financial filing here: https://bit.ly/33u6Pyp