Terra Firma, the private equity firm with $11.8 billion in assets under management, has appointed Vivek Ahuja, former Deputy Group Chief Financial Officer of Standard Chartered, as its new Group Chief Financial Officer. This move was part of a strategy to reassure investors as the firm sought to raise $3.2 billion for its first significant fund in over a decade. Alongside Ahuja, Terra Firma has appointed Mark Elliott, formerly of Lloyds Banking Group, as Managing Director and Head of Support Capital, and David Browne from Paine Schwartz Partners as a Director in the private equity team. These appointments followed earlier strategic hires, including former Sainsbury's CEO Justin King as Vice Chairman in 2015 and ex-Australia and New Zealand Banking Group executive Andrew Geczy as Chief Executive in 2016.
Known for its troubled $3 billion acquisition of EMI in 2007 and subsequent financial crisis losses, Terra Firma worked to restore its reputation and investor confidence. The firm increased its headcount and is handling a legal dispute involving the Four Seasons care homes chain, a troubled asset in its portfolio. CEO Andrew Geczy stated that Terra Firma's strategy focused on acquiring and transforming orphaned, mismanaged, asset-backed properties in essential industries.
