Key Takeaways
- • Foundation Private Equity, a Singapore-based secondaries firm, avoids a key person event as co-founder moves to Seoul-based buyout manager Invictus Private Equity Asia.
- • The co-founder will join Invictus while also remaining as a senior adviser to Foundation Private Equity, per PEI Secondaries Investor.
- • The move is a people development in the Asia-Pacific secondaries and buyout landscape, with implications for key person provisions in fund documentation.
Summary
Singapore-based secondaries firm Foundation Private Equity has avoided a key person event following the planned move of its co-founder to Seoul-based buyout manager Invictus Private Equity Asia, according to PEI Secondaries Investor.
The co-founder is set to join Invictus while also remaining with Foundation Private Equity as a senior adviser. That dual arrangement is the reason the departure does not trigger a key person event, a common fund-level provision that can allow limited partners to suspend investment or seek other remedies when specified principals leave a manager. Because the co-founder retains a formal role at Foundation, the firm's continuity at the senior level is preserved, at least on the terms described.
The story is classified under managers and people coverage, with tags spanning Asia-Pacific, secondaries, single assets and venture capital, reflecting the breadth of Foundation's strategy and the relevance of the appointment to allocators tracking the region. The original report, published by Katrina Lau, does not disclose the specific role at Invictus, the timing of the transition, or the size of the funds involved.
The co-founder is set to join Invictus while also remaining with Foundation Private Equity as a senior adviser. That dual arrangement is the reason the departure does not trigger a key person event, a common fund-level provision that can allow limited partners to suspend investment or seek other remedies when specified principals leave a manager. Because the co-founder retains a formal role at Foundation, the firm's continuity at the senior level is preserved, at least on the terms described.
The story is classified under managers and people coverage, with tags spanning Asia-Pacific, secondaries, single assets and venture capital, reflecting the breadth of Foundation's strategy and the relevance of the appointment to allocators tracking the region. The original report, published by Katrina Lau, does not disclose the specific role at Invictus, the timing of the transition, or the size of the funds involved.
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