A major limited partner is taking a step back.
Chuck Flynn, chairman of Bregal Private Equity Partners, will retire after a year’s transition out, effective Jan. 1, 2023.
Flynn will continue in the chairman role this year, with leadership of the private fund investing group taken over by managing partner Jan Faber, who has partnered with Flynn since the group’s founding in 2004, Bregal announced in December.
It’s not clear if Flynn is planning to fully retire or move into another role next year. He declined to comment beyond the press release.
Flynn is known as a mentor of sorts in the LP world, sources have said in past interviews. Several LPs told Buyouts Flynn helped them build their careers, learning the tricks of backing great managers and negotiating fund terms.
Flynn joined Bregal in 2004 from Deutsche Asset Management, where he worked as global head of the private equity funds group. Before, he worked at AXA Group, where he founded and managed its €1 billion global PE funds of funds business.
Earlier in his career, Flynn worked at Kelso & Co, according to his biography on Bregal’s website.
Faber joined the firm at the same time, prior to which he worked at Henderson Private Capital, the PE division of Henderson Global Investors. He led the global private equity funds of funds business since 2000. Before, he worked at International Finance Corp, managing an emerging markets private equity fund of funds.
Bregal PEP made more than 175 commitments since 2002, along with co-investments and select secondaries transactions. BPEP has about €2.7 billion under management in 130-plus active funds across 60 GPs, the website said.
BPEP makes commitments in size range from €20 million to €50 million, and co-investments of up to €50 million per company, the website said.