Paul Canning, a director at Gresham Private Equity since 1997, is understood to be close to leaving for HIG Capital, a US mid-market buyout group that is preparing to raise a European fund.

Canning, who declined to comment, has helped lead some of Gresham's most successful deals, including its sale last September of IT services company 2e2 to rival Duke Street Capital for £130m (€194m). Gresham made 3.6 times its money on the sale.