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Veteran Advent Exec To Launch New Buyout Firm

May 19, 2016, 7:55 PM UTC

Tim Franks is stepping down as a managing director with private equity giant Advent International, where he leads European retail investing.

News of his pending departure was first reported yesterday by Dow Jones, and Fortune has since learned that Franks plans to launch a new private equity firm that will focus on smaller deals than is possible at Advent (which just raised $13 billion for its latest global buyout fund).

The nascent platform ― which will remain focused on European retailers ― doesn’t yet have a name or other staff, but Franks already has begin speaking with prospective investors about raising €500 million for a debut fund.

Franks will remain with Advent through the end of next month. He originally joined the firm in 1999, and in 2010 moved to New York to open and lead Advent’s office there. Franks returned to London in 2013.

According to the Advent website, his investments have included BOS Solutions, DFS Furniture, Domestic & General, Equiniti, Fat Face, Poundland, Skillsoft and Sportfive.