Astorg Hands New Leaders Half of Firm After ‘Internal LBO’ (1)

Astorg Partners has handed its newest partners a larger chunk of its equity as part of sweeping leadership changes at the €23 billion ($26 billion) private equity firm.

The new generation of leaders now hold almost 50% of the European firm, according to Benjamin Cordonnier, who was last year appointed as co-managing partner alongside Judith Charpentier.

They acquired the equity from older partners including co-founders Thierry Timsit and Xavier Moreno in a transaction that closed last month. Cordonnier described the move as an “internal LBO.”

Cordonnier and Charpentier now run day-to-day operations at Astorg. Timsit, who was previously ...