Astorg has announced a leadership transition that will see Benjamin Cordonnier appointed as Chief Executive Officer and Co-Managing Partner, alongside Judith Charpentier, as part of the firm’s planned succession strategy, according to a report by Private Equity International.
Cordonnier, previously Head of Portfolio Performance, will assume responsibility for the day-to-day management of the firm in partnership with Charpentier, who serves as Co-Head of the flagship strategy and Head of Healthcare. Both executives were appointed to Astorg’s executive committee in 2023.
The firm’s co-founder and long-standing CEO, Thierry Timsit, has transitioned to the role of Executive Chairman. He will continue to serve on all of Astorg’s investment committees. Meanwhile, Chief Investment Officer François de Mitry retains his position as Chair of the flagship and mid-cap fund investment committees. In another key move, Partner Thibault Veber has been named Chief Operating Officer, succeeding Guillaume de Malliard.
The succession does not activate any key person provisions, according to sources familiar with the matter.
Cordonnier has been instrumental in several of the firm’s high-profile transactions since joining in 2011. These include leading two major continuation fund deals: a €1.4bn transaction for Normec in 2023, and a €1.3bn vehicle for IQ-EQ in 2022.
Charpentier, who joined Astorg in 2009, established the firm’s healthcare vertical, which has grown into its largest investment sector with over €6.5bn deployed. She has served on the firm’s investment committee since 2021.
Astorg is currently investing its €4.4bn Astorg VIII fund, which closed in May 2023. The firm, headquartered in Luxembourg and managing more than €23bn in assets, ranked 49th globally in the latest PEI 300. It raised $17.06bn over the five-year period ending December 2023.
In a strategic shift earlier this year, Secondaries Investor reported that the firm has shelved plans to raise a dedicated vehicle for GP-led secondaries.
