Granville Private Equity Funds, the fund investment side of Granville’s private equity business, in May announced a change of name to Greenoak Capital Management. This move, which followed closely on the appointment of Gary Solomon as chief executive officer of the fund management business, is intended to differentiate between Granville’s advisory and direct private equity fund management operations.
Greenoak is preparing to raise a $150 million European fund-of-funds (EVCJ April/May 1998, page 17). “When talking to potential clients of the fund-of-funds, we wanted to make it clear that we are a distinct group”, explained Gary Solomon. “There has been a desire within Granville to ensure that potential clients can readily differentiate between Granville’s private equity operations and products. Our goal is to build a leading global private equity fund-of-funds business under the Greenoak badge, and we will continue to recruit high-quality staff to assist in this aim”.
Greenoak expects the European fund-of-funds, which is yet to be named, to close towards the end of this year or during the first quarter of 1999.
As it gears up for fund-raising, Greenoak has added two members to its team. Richard Sachar, previously an analyst with BZW, has been appointed as an investment manager. His main responsibilities will include portfolio monitoring and identifying potential investee management firms, particularly in Europe. Anna Saunders, previously with asset allocation advisors Smithers & Co, has joined Greenoak as an analyst.