Headlands loses partner amid slow fundraising

  • Partner Joly joins Qatar Abu Dhabi SWF
  • Joly had been in placement, LP work
  • Headlands trying to raise a secondary fund

Joly could not be reached for comment. David Park, one of the co-founders of Headlands, confirmed Joly’s departure and new position to sister website peHUB. QADIC also could not be reached for comment.

Joly’s LinkedIn profile shows he joined QADIC in January. He worked at Headlands from September 2009 to December, according to his profile. Prior to Headlands, he worked as a director at Probitas Partners from 2005 to 2009, and before that, he was a senior director at Caisse de dépôt et placement du Québec.

Headlands was formed by Park and partner David Cost in 2006. The firm has been raising its Headlands Capital Secondary Fund since 2011 and does not appear to be close to its $200 million target. A series of Form D filings with the U.S. Securities and Exchange Commission shows the firm has gradually collected about $76 million since 2011.

Chris Witkowsky is editor of peHUB.