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Altius Associates Partner to Depart For KIA

24-Jun-2013, Private Equity News

A long-serving partner at Altius Associates is leaving the private equity gatekeeper for a new role with the Kuwait Investment Authority, according to two people familiar with the matter.

Charles Magnay will depart Altius in September to join the Kuwait Investment Office, the London branch of the Middle Eastern sovereign wealth fund, one of the people said. Mr. Magnay and the KIA did not respond to requests for comment in time for publication.

Mr. Magnay serves as head of European private equity at Altius. He joined the London-based firm in 2004 from investment bank UBS, where he worked as an investment director for the Swiss bank’s private equity fund investment programme.

Mr. Magnay will join the world’s largest sovereign wealth investor in private equity. KIA allocates 10% of its estimated $300 billion of assets under management to private equity, according to data provider Preqin, and holds a number of notable investments including a reported stake in the management vehicle of London-based buyout firm CVC Capital Partners.

The KIO manages more than £65 billion of the KIA’s funds and is led by Osama Al Ayoub, who began his career at the KIA before working for a number of years in Goldman Sachs’ special situations group. He returned to the fund in recent years and has since become KIO’s chief executive. In May Private Equity News reported that the KIO was part of a consortium preparing to mount a £5.3 billion takeover bid for Severn Trent, the FTSE 100-listed water company.