Moulton setting plans for Better Capital
, the founder of Alchemy Partners who earlier this year left the British buyout firm in a public disagreement over its direction, is planning to launch a new buyout firm, according to reports. Moulton is seeking to hire six executives, initially, for the London-based firm, called Better Capital, which will invest in distressed companies in the United Kingdom.
Moulton declined to disclose the size of the first fund, though some press reports estimate he could raise about $166 million. Moulton also said he was “agnostic” about what industries the new firm will target.
Moulton’s announcement that he is preparing to launch Better Capital come less than two months after he left Alchemy in early September. In an email to investors, he blasted fellow Managing Partner Dominic Slade’s influence and the direction the firm was taking. Alchemy is reportedly repositioning as a specialist financial services firm. “I do not support this strategy,” wrote Moulton. “It’s contrary to the positioning we have created with investors and deal sources and wastes a spectacular opportunity in our area of perceived greatest strength. It likely adversely affects the partnership economically.”
Meanwhile, Alchemy co-founder Martin Bolland is returning to the firm. Bolland, who founded the firm alongside Moulton in 1997, is to rejoin the firm on an advisory basis, according to reports. —Alastair Goldfisher
Apax expands in India
Apax Partners has named Sandeep Naik and Shashank Singh as co-heads of the firm’s India office. Naik and Singh joined the firm in 2004—in the New York and London offices, respectively—before relocating to India in 2006. Just last week, Accel Partners hired Neeraj Bharadwaj away from Apax, where he worked for a decade, to build up Accel’s portfolio in India.
Arch adds David
has joined Arch Venture Partners as a venture partner. David is a serial entrepreneur, having co-founded Sapphire Energy, Achaogen, Kythera Biopharmaceuticals and Syrrx.
Eiben joins Auroes
Gustavo Eiben has joined Auroes Capital as head of North American investor relations. The private equity firm focuses on expansion and buyout investments in Latin America, Asia and Africa. Eiben previously was with J.P. Morgan Chase, and before that with SV Investment Partners, f.k.a. Schroder Ventures US, and UBS.