UK – Hermes’ private equity arm has hired an investment director from CVC Capital Partners.

Hermes, the asset management firm owned by the 48.8 billion-euro British Telecom Pension Scheme, said in a statement that it has hired Justin Ward as a director.

It said Ward, 34, joins from CVC where he spent seven years.

Hermes Private Equity said that it now has almost one billion pounds (1.42 billion euros) committed to private equity. The commitment is as an active investor in external private equity partnerships, and through its own direct investments.

The division’s chief executive Rod Selkirk said: "We are delighted that Justin is joining us, his experience will be invaluable in developing our business."

Hermes recently closed its direct private equity fund, HPEP I, at 200 million pounds. The fund is focussed on the UK and European mid-market medium sized buy-out market.

In June, Hermes made hired Gillian Brown, a director of Merrill Lynch Investment Managers’ private equity business and Shane Feeney from Morgan Grenfell Private Equity.