
ALTAMIR 2020 Universal Registration Document 89
Corporate governance - Report of the Supervisory Board
Management and supervisory bodies
Peter Gale – (64) is head of private equity and Chief
Investment Officer at Hermes GPE. He is responsible for
private equity investment decisions and for all aspects of
Hermes GPE’s private equity investment process. He leads
the co-investment programme and takes decisions with
regard to allocation and strategy for individual client portfolio
construction. He has more than 35 years of investment
experience, including 27 years in private equity. Mr Gale is
a member of the Hermes GPE Management Committee
and Chairman of the Private Equity Investment Committee.
Previously he was Managing Director and CIO of the Hermes
GPE predecessor organisation, Gartmore Private Equity.
Before that Mr Gale was Investment Manager of the National
Westminster Bank Pension Fund (later known as the RBS
Group Pension Fund). He was responsible for all investments,
and initiated both the private equity and co-investment
programmes. For 23 years, he was a director of HgCapital
Trust (formerly Mercury Grosvenor Trust plc). Mr Gale holds
a BA in Economics from the University of Exeter and an MSc
in Economics from the University of Oxford.
James Mara – (74) was a Managing Director at GE Asset
Management for 20 years, until 2014. During that time,
he built up a $2bn international private equity business,
raised and managed two international LBO funds and
underwrote numerous investments in Europe, Russia, North
and Southeast Asia, and Latin America. Previously Mr Mara
was based in London, where he spent five years as deputy
treasurer providing financing to GE’s international mergers
and acquisition team. Prior to joining the GE group, Mr Mara
headed the treasury function of RJR Nabisco in London for
four years. Before that he held several tax management and
advisory positions for US corporations. Mr Mara holds an LLM
in tax law from Boston University, a JD from the University of
Connecticut and a BS from Fairfield University.
Eddie Misrahi – (66) joined Apax Partners in 1991 as a Partner
in charge of TMT investments. He has supported the growth
of both young, innovative companies and more mature
companies through development financing and buyout
transactions. Mr Misrahi became Deputy Chief Executive
Ocer of Apax Partners SA in 2007 and Chairman and Chief
Executive Ocer of Apax Partners SAS in 2008. He started
his career at McKinsey & Co. in Paris then in Mexico City,
before working at an American telecommunications group
in the United States. From 2007 to 2008, he was president
of the AFIC (Association Française des Investisseurs pour
la Croissance, now France Invest). Mr Misrahi is a graduate
of Ecole Polytechnique and holds an MBA from Harvard
Business School.
Maurice Tchenio – (77) is Chairman of Altamir Gérance,
and Chairman and CEO of Amboise Partners SA. He is also
Chairman of the AlphaOmega Foundation. He began his career
as an assistant professor of finance at HEC, before taking a
position as project leader at the Institut de Développement
Industriel (IDI, Paris), an investment bank specialising in equity
investments. In 1972, he founded Apax Partners with Ronald
Cohen and Alan Patricof. Today, Apax Partners is a global
private equity leader. From 1972 to 2010, he was the Chairman
and CEO of Apax Partners, the Group’s French arm. In 1995,
he created Altamir, a listed private equity company. In 2010,
he created AlphaOmega, a venture philanthropy foundation
recognised for its public interest. He is a co-founder of AFIC
(Association Française des Investisseurs pour la Croissance,
renamed France Invest in 2018) and former director of EVCA
(European Private Equity and Venture Capital Association,
renamed Invest Europe). Maurice Tchenio has degrees from
HEC and Harvard Business School, where he was a Baker
Scholar and graduated with high distinction.
Romain Tchenio – (45) is a graduate of ESCP Europe. He began
his career as a financial analyst with PricewaterhouseCoopers
Corporate Finance. He joined Toupargel in 2004 as an agency
manager in Marseille. He was appointed Southwest Regional
Manager in 2006 then Sales Director, a position he held from
2010 to 2013, after which he was then named CEO of Toupargel
Groupe, and then Chairman & CEO in January 2017. Romain
Tchenio joined Amboise Partners SA on 1January2020.
Altamir Gérance has no role of corporate ocer, other than
its role as the Management Company.
In accordance with Section 12.1 of Appendices 1 and 2 of
Commission Delegated Regulation (EU) 2019/980, the
positions and appointments held by Maurice Tchenio are
listed in Section 2.1.5.
Limitations on the powers
of the Management Company
In accordance with the provisions of Article 20.4 of the
Articles of Association and of Article 1.1 of the Supervisory
Board’s Rules of Procedure, any amendment to the co-
investment agreement between the Company and Amboise
Partners SA must be authorised by the Supervisory Board,
after reviewing the Management Report, by a two-thirds
majority vote of members present or represented.
In accordance with the provisions of Article 20.3 of the
Articles of Association and of Article 1 of the Supervisory
Board’s Rules of Procedure, the Management Company must
consult the Supervisory Board:
l on the application of valuation rules to portfolio companies;
l on any potential conflicts of interest.
In addition, pursuant to Article 1.1 of the Supervisory Board’s
Rules of Procedure, the Manager must also consult the
Supervisory Board prior to accepting any new appointment
in another listed company.
There are no other formal limitations imposed on the
Management Company. The Supervisory Board considers,
however, that given the procedures in place, the Management
Company is not in a position to abuse its powers.