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European fund of funds firm ViaNova adds Neil Cross to industry panel

European fund of funds firm ViaNova Capital has named former 3i main board member Neil Cross to its industry panel to reinforce its access to strategic advice about the buy-out sector. Cross, a former chairman of the EVCA, joins Roger Brooke, founder and former chairman of Candover.

Andrew Evans, ViaNova managing partner, said: 'Neil brings a wealth of buy-out experience to the fund, having previously had responsibility for international investment as a director of 3i. As an external pension fund investment adviser, Neil will also provide us with invaluable insights into institutional investors ' requirements in this asset class.'

ViaNova launched towards the end of last year and is currently raising an E500m funds that will invest solely in European buy-out groups. It is employing a novel fee structure that stands in stark contrast to the rest of the sector by foregoing an annual management fee in exchange for a small share of the fund's future profit.

Cross commented on his appointment by saying: 'I am looking forward to joining ViaNova's Industry Panel. I was attracted by the team's innovative approach to fund of funds investing and their commitment to providing institutional investors with cost-effective access to leading European private equity buy-out funds.'

The fund has already identified an elite pool of leading pan-European buy-out managers who will account for 70 per cent of all commitments. The remaining 30 per cent will be invested with specialist or rising star managers.

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