Tom Flynn, Ferrer Freeman’s CFO and an investment partner, joined SV Life Sciences as of Jan. 1, a spokeswoman for the venture capital firm confirmed. Flynn is a venture partner at SV Life Sciences. He began working informally for SV Life Sciences in the fourth quarter, the spokeswoman said.
A person at Ferrer Freeman confirmed that Flynn left the buyout shop. His departure follows Tricia Summers, who left Ferrer Freeman in 2010. Summers was CFO at the time, sources say.
Calls to Ferrer Freeman were not returned by deadline.
Greenwich, Conn.-based Ferrer Freeman, a health care buyout firm, manages more than $900 million. The shop was founded in 1995 by Carlos Ferrer, a former Credit Suisse health care banker, and David Freeman, an ex-J.P. Morgan health care banker.
Rumors of Ferrer Freeman’s problems have circulated for some time. Sources said last summer that Ferrer Freeman had indefinitely postponed efforts to raise its fourth fund, after more than a year of trying, and could wind down if it failed to raise money. Now, fundraising plans are said to be off, and the firm is “winding down” and selling off its portfolio, four sources sid.
“It takes a long time to kill a PE firm,” one buyout executive said. “They had return issues for a long time.”
“It’s over,” a banker said.
Ferrer Freeman has raised three funds. Fund I raised $200 million in 1997, while its second pool,
Ferrer’s second fund has a net IRR of 7.6 percent as of March 31, 2010, according to the
However, Ferrer has scored some exits recently. Last week,
Luisa Beltran is a senior writer at peHub, a sister Web site of Buyouts.