THE DECISION of Claret Capital partner and founder Max Doyle to take his leave of the Ballsbridge- based private equity group raised quite a few eyebrows in financial circles here.
Claret chief Dómhnal Slattery told me that he had heard all the rumours, but that they were all “bulls**t”.
“Max left because he saw the future of the firm going in a specific way,” Slattery explained in the context of Claret’s move away from private equity and into aircraft leasing and debt structuring.
“His skill set was quite different. The relationship is excellent, but his skill set is in structured credit.
“For example, we were trying to raise a fund in January/ February for €25 million to go out and buy distressed corporate bonds for 60 cents in the dollar.
“We had a fantastic presentation. It made all the sense in the world, but we couldn’t raise a penny. Those bonds today are trading at 85 cents.
“Max, frankly, didn’t see a future for where his skill set is in the ‘go-forward’ environment.
“So we sat down as partners and said, ‘You go do your own thing, there’s a desk here any time you want to come in and brain storm’.
“It’s been an absolutely amicable departure,” Slattery said.
