LA JOLLA, Calif. — Less than a month after Pacific Corporate Group formed a new international subsidiary, the private equity consulting firm is restructuring into two divisions.
PCG reorganized into two units — a partnership investment group and a direct investment business — on April 28. 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.
Monte Brem was named president of PCG, overseeing the asset management division; he was managing director and will not be replaced. Christopher Bower, founder of the 26-year-old company, remains CEO, but now heads PCG Capital Partners.
The restructuring is the latest in a series of changes at the 26-year-old consulting and investment manager. Last month, the firm created a new global group, PCG International to be based in Washington. The new group will be part of PCG Asset Management; Michael Russell, managing director from PCG's La Jolla. Headquarters, is moving to the new European office in Geneva.So far this year, five executives have left the firm: Craig White, managing director; Eric Becker, vice president; Rick Fratus, associate; Scott Vollmer, managing director; and Peter Martenson, director. (Though no longer an employee, Mr. Vollmer is still a partner on PCG's distressed debt fund, the PCG Special Situations Fund.)