Doughty Hanson & Co. said it will stop investing in venture capital and real estate following the death last year of one of the private-equity firm’s founders, Nigel Doughty.
Doughty Hanson, which has bought and sold stakes in firms including celebrity addiction clinic the Priory and watchmaker TAG Heuer, will continue to invest in private equity, the London-based company said today in a statement. Co-founder Dick Hanson has resumed his role as head of private equity and executive chairman, it said.
The private-equity firm is refocusing on its core business after Doughty’s death in February 2012 and follows a reorganization of its partnership structure in July, which made Hanson the joint owner with an employee trust. While the firm will continue to manage its real estate and technology investments, it will raise no new funds for the ventures.
“We have spent considerable time speaking with our investors and reflecting on the future of the business,” Stephen Marquardt, Doughty Hanson’s chief executive officer, said in the statement. “While we have had notable successes in both real estate and technology ventures, the real heritage of Doughty Hanson lies in its private-equity business.”
To contact the reporter on this story: Kevin Crowley in London at email@example.com
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org