One of Apax Partners' top dealmakers is leaving as the firm pushes ahead with the last half of its €9bn fundraising.
Khawar Mann, co-head of Apax's healthcare team, is walking from one of Europe's biggest private equity firms after a number of high-profile failures, Reuters reports.
Steven Dyson will replace Mann and head the healthcare team with Buddy Gumina.
Earlier this year a number of distressed debt funds began looking over General Healthcare Group, the UK's largest private hospital operator, as its £1.9bn (€2.38bn) debt obligation has become unsustainable.
A consortium led by Netcare Healthcare Holdings and including Apax bought GHG from BC Partners in a deal worth £2.2bn.
The buyout house is also set to make a loss on medical courier Marken, bought from Intermediate Capital Group for £975m in December 2009. In May, Lloyds requested a £100m equity cure in order to reset covenants, but Apax was only prepared to stump up a further £50m.