Pacific Corporate Group today reorganized into two units, a partnership investment group and a direct investment business. The partnership business will be conducted through a new operating group, PCG Asset Management, which will manage PCG's $20 billion in private equity discretionary management and advisory arrangements. The direct investment group will be operated through another new group, PCG Capital Partners, which will manage the PCG Corporate Partners Fund and PCG's co-investment funds, which make investments in operating companies. Both groups will report to the PCG board of directors.
Monte Brem was named president of PCG, overseeing the asset management division; he was managing director and will not be replaced. Christopher Bower, PCG founder, remains CEO, but now heads PCG Capital Partners.