Vandevelde’s Change Capital Said to Delay FundraisingKiel Porter
Change Capital Partners LLP, the private-equity firm founded by former Marks & Spencer Group Plc Chairman Luc Vandevelde, has put fundraising plans on hold until it returns money to investors, said a person with knowledge of the matter.
Investors told the company, which planned to start raising the 200 million-euro ($255 million) pool next year, they were unwilling to provide capital until they had received profits from Change Capital’s existing investments, said the person, who asked not to be identified because they weren’t authorized to speak publicly. While Change Capital has returned about 30 million euros in dividends to investors in its last fund, it’s yet to sell any companies in the portfolio, the person said.
Change Capital is preparing to sell Munich, Germany-based fashion company Hallhuber GmbH, the person said. The private-equity firm expects to reap more than three-and-a-half times its initial investment of about 40 million euros, the person said.
The company has raised 490 million euros for two funds since it started in 2003. Change Capital valued its 200 million-euro 2009 fund at 30 percent more than investors’ pledges as of June this year, according to two people familiar with the matter.
That compares with a gain of 50 percent for the top quartile of European buyout funds raised the same year, data compiled by London-based research firm Preqin Ltd. shows. That fund still has enough capital remaining to finance one more investment, the person added.
Vandevelde, 63, founded the company following spells at Marks & Spencer, French supermarket chain Carrefour SA and Kraft Foods Group Inc. He is also a director and chairman of the remuneration committee at Vodafone Group Plc.
A spokesman for the private-equity firm, which is based on London’s King’s Road, declined to comment.
Change Capital owns stakes in companies including Paris-based women’s clothing brand Paule Ka and Monza, Italy-based linen maker Frette, according to the firm’s website.