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UK-based Nova Capital hires portfolio director

UK-based Nova Capital Management, the private equity firm set up last year to take over the management of private equity and venture capital portfolios, has appointed former Texaco director Andrew Paszkowski to oversee the firm's debut portfolio.

Lord Hodgson and David Williamson of Granville Baird and Michael Kelly of Executive Interim Management set up Nova Capital late last year. The firm acquired a $70m portfolio of investments covering 20 early and mid-stage investments from Lica Development Capital. The firm's management funded the acquisition.

Nova has said it will focus exclusively on active management of existing portfolio companies and will not raise a fund itself or make new investments. The firm is currently negotiating the further acquisition of two UK technology funds.

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