Heer launches private equity funds
Two private equity funds are launched by former Robson Rhodes managing partner Sukhbinder Heer
Former Robson Rhodes managing partner Sukhbinder Heer has launched two
private equity funds following a short stint of consulting work for MGI Wenham
Major.
Heer was called in by MGI in October last year to establish the firm in
Dubai’s burgeoning financial centre.
Heer is still providing services for MGI, but with the firm now set up in
Dubai, he has turned his attention to private equity.
‘I have launched two private equity funds. One of them will concentrate on
the mid-market in the UK and the other on the hospitality sector in the emerging
markets of Dubai and Pakistan,’ Heer told Accountancy Age.
The move into private equity comes a year after Heer’s sudden departure as
the head of Robson Rhodes, a firm which he criticised for lacking
entrepreneurial spirit.
Heer worked for Robson Rhodes for 23 years, the last two as managing partner.
During his time at the helm turnover doubled to £85m, but the firm fell short
of Heer’s ambitious plans to generate revenues of £200m by 2007.
Robson Rhodes has struggled financially since then, and merged with rival
Grant Thornton a fortnight ago after a failed attempt to link up with US partner
RSM McGladrey.
Heer said the Grant Thornton deal was a positive step for his old firm: ‘The
merger is a great opportunity to take on the Big Four as it creates the critical
mass needed in the marketplace,’ he said.
He also echoed predictions that further mergers in the mid-tier were likely
to follow the Grant Thornton Robson Rhodes tie-up.
‘I think there is room for more transactions. There are some great
opportunities out there,’ Heer said.