CVC chairman Smith to retire, succeeded by trio
LONDON Oct 29 (Reuters) - CVC Capital Partners said on Monday that Chairman Michael Smith would retire in January 2013, when the private equity firm is expected to start raising about 10 billion euros ($12.93 billion) for its latest fund.
Smith, who had been at CVC for 30 years, will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes as co-chairmen.
The three have worked together at CVC for more than 20 years, Mackenzie said in a statement.
CVC, which earlier this year sold a 10 percent stake to a group of sovereign wealth funds, is expecting to start raising its latest fund next year.
It is targeting about 10 billion euros for deals, people familiar with the situation have previously said, which would make it one of the largest funds since the financial crisis.
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