Pamplona Capital Management said it will liquidate every fund with ties to LetterOne Holdings, the investment firm whose co-founders include sanctioned Russian billionaires Mikhail Fridman and Petr Aven.
London-based Pamplona's board approved the "wind-down" of three funds on March 14, the firm said Thursday in a statement, calling the process "irrevocable."
Pamplona's biggest investor has been Luxembourg-based LetterOne, which has almost $3 billion in the private equity firm.
"We had no communication about this decision. It is deeply surprising given LetterOne is not sanctioned, as confirmed by regulators in Luxembourg and the U.K.," LetterOne said in an emailed statement. "It is not clear how Pamplona intends to implement this decision."