Australia's Crescent loses partner
Tim Martin, a partner at Australian middle market private equity firm Crescent Capital Partners, has departed the firm ahead of its next fundraise.
Martin has already stepped back from his executive roles and will not be a key man in Fund VI, which is expected to launch in 2018. The firm closed Fund V in late 2014 at the hard cap of A$675 million ($521 million), having spent only 10 weeks in the market.
Prior to joining Crescent in 2007, Martin spent more than a decade in consulting with Bain & Company followed by a three-year stint at ANZ Private Equity. At Crescent, he was primarily responsible for investments in the services and healthcare sectors.
The GP invests in Australia and New Zealand-based companies with enterprise values of A$50-300 million. It focuses on industries that are high growth, undergoing structural change, or ripe for consolidation. Crescent is particularly active in healthcare, financial services, branded and industrial businesses.
Last week, the firm sold domestic mining services technology supplier GroundProbe to explosives and blasting equipment company Orica for A$205 million.
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