Brexit or not, one senior Italian private equity professional has opted to take a new role at a private debt fund in London.
Michele Russo, the former managing director at Terra Firma and ex-banker at Morgan Stanley and Lazard, has joined London and New York independent credit provider Park Square Capital (PSC) as head of funds special situations.
Russo will work in London and report to Robin Doumar, managing partner and founder of PSC. In his new job he will provide financing and structuring solutions for European private equity portfolios that need additional capital or financing, the replacement of limited partners or a new partnership for the general partners.
PSC declined to comment. Russo did not reply to calls and emails seeking comment. Sources at PSC said that the firm does not plan to make further external hires in the mid-term. Russo will build his team with existing PSC employees.
PSC is a private debt manager, providing senior debt, subordinated debt and mid-market direct loans to more than 50 private equity funds based in in Europe and the U.S. The firm has resources worth EUR 7.34 billion (USD 9 billion; GBP 6.4 billion) and invests across four main strategies: subordinated debt; senior debt; multi-strategy credit, and direct lending. It's becoming something of a haven for experienced credit professionals in Europe: the firm's senior employees have an average of 16 years' experience working in credit markets.
Russo's return to London comes despite the Italian government's attempt to capitalize on Brexit by offering high earners the option to pay a flat rate of €100k a year in tax instead of income tax on their overseas earnings. The flat rate can be paid for 15 years.
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