Apax’s Richard Wilson to chair EVCA

Wilson has been with Apax since 1995, investing in all stages of the industry across Europe, and is currently chairman of the firm’s technology and telecoms advisory board.

Wilson said, “We must ensure that the important role played by private equity and venture capital in the real economy is backed by rigorous data. Our industry has a great story to tell. We will make sure that it is told.”

Wilson takes the position at a pivotal time for the private equity asset class in Europe. Calls for more stringent regulation of the financial sector in the wake of the global economic downturn have resulted in the introduction of the Alternative Investment Fund Managers Directive (AIFM), a bill subjecting firms to greater scrutiny.

If approved, private equity fund managers would be required to register with governments, report to regulators, comply with minimum capital requirements – currently stated at €125,000, but higher if assets under management exceed €220m - disclose information to investors, and put robust risk management systems in place.

The directive has received fierce criticism in the UK, where the financial services industry is one of the most economically important sectors.

Commenting on the directive last month, EVCA secretary general Javier Echarri said, “There is a growing recognition among major organisations and institutions in Europe that the directive would have damaging consequences on the provision of venture capital and private equity finance for Europe’s businesses.”

If the directive is approved, it could come into effect from 2011. In anticipation of heightened regulatory attention in the future, EVCA has set up a unit responsible for forming the industry’s stance towards policymakers, to be headed by Wilson.

Wilson is the second Apax partner to take a policy role in recent months. Former partner Stephan Wilcke was appointed as chief executive of the UK Asset Protection Agency by HM Treasury in September.

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