CVC names three co-chairmen to succeed Michael Smith

Koltes, who is speaking at the AVCJ Forum in Hong Kong, which runs from November 14-16, will assume Smith's responsibilities for investor relations. Mackenzie will chair group board meetings and continue as chairman of the investment and portfolio committees. Van Rappard will continue to chair the Europe-North America and Asia Pacific private equity boards that oversee day-to-day management.

CVC has also hired Rob Squire from Coller Capital to serve as a senior managing director within the investor relations team.

Smith, who turns 60 in January, joined the European unit of Citicorp Venture Capital in 1982. He negotiated the spin-out of CVC in 1993 as one of six founding partners and will retain a stake of less than 5% in the firm. CVC now has 70 shareholders with non-founding partners holding a two-thirds stake.

Mackenzie, van Rappard and Koltes are all founding partners and have committed to remain with the firm until about 2020.

"CVC has always been run as a partnership, making important decisions by consensus and through an executive board structure that includes all managing partners," Mckenzie said in a statement. "This has served us well in the past and will continue in the future. Steve, Rolly and I have worked together as a team for more than 20 years building the business from a start-up to one of the world's leading private equity firms."

In September, CVC sold a 10% stake in itself to Government of Singapore Investment Corp. (GIC), Kuwait Investment Authority (KIC) and the Hong Kong Monetary Authority (HKMA). The investment will finance the PE firm's reported plans to expand into areas such as infrastructure, real assets and credit.

CVC is expected to launch its fourth Asia fund in June or July 2013. Its 2007 vintage predecessor closed at $4.2 billion and has completed six deals since the start of the year, including the buyouts Hong Kong Broadband and Japan's Technopro Holdings, minority investments in Chinese firms Venturepharma, Asia Health Century and C.Banner International, and the joint acquisition of QSR Brands and KFC Holdings in Malaysia.

Meanwhile, CVC's Australia team presided over the largest-ever loss on a single private equity deal in Asia as Nine Entertainment was handed over to creditors through a debt-for-equity swap.

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