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Cinven drafts in Langmuir

Private equity house Cinven has appointed Hugh Langmuir as managing partner, after Robin Hall became executive chairman. Langmuir’s appointment comes as the group prepares to raise a new fund, amid signs that some of its investments are struggling. Hall’s decision to move upstairs mirrors recent reshuffles seen at rivals such as Permira, BC Partners and Candover. Cinven grew out of the venture capital arm of the Coal Board pension fund to become one of Europe’s largest buy-out firms. The buy-out firm has two years to invest half of the €6.5bn (£5.6bn) fund it raised in 2006.