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 New turnaround fund for Germany

Carlyle’s Albrecht heads up new special situations fund for Germany

AltAssets, 29-May-2002

Hans Albrecht, the former managing director of the US Carlyle Group’s Munich-based buy-out team, is leaving the firm to head up a new E200m special situations fund. The new firm, Nordwind Capital, will target opportunities in Germany, Austria and Switzerland, especially companies that are underperforming in relation to their market position.

It will be managed by a team of six, comprised of Albrecht and four of his former partners at Carlyle, and Anton Schneider, the former chief executive officer of Deutz, the German manufacturer of diesel and gas engines.

Albrecht was upbeat about deal flow prospects in the region. ‘We are seeing a larger market in Germany, with lots of technology-focused opportunities that have not yet been commercially exploited,’ he said.

The launch of the fund reflects the current climate of interest in the German market, with a number of firms, including Axa Private Equity, Duke Street Capital and West Private Equity, recently strengthening their German operations in order to take advantage of an expected surge of deal flow. German investment prospects did not, however, live up to expectations in the first quarter of 2002. The German market took a nosedive, with venture investments falling 76 per cent from E448m to E106m, the lowest figure in over two years. Albrecht and the former Carlyle team will continue to manage the firm’s German portfolio until the end of 2003.

Copyright © 2002 AltAssets

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