Phoenix founder takes back seat

Hugh Lenon, one of the co-founders of Phoenix Equity Partners, has stepped down as managing partner but will retain a part-time role helping originate deals

Hugh Lenon, one of the co-founders of Phoenix Equity Partners, has stepped down as managing partner but will retain a role as part-time chairman helping originate deals.

Lenon's fellow co-founders Sandy Muirhead and James Thomas, who helped oversee the spin-out of Phoenix from Credit Suisse First Boston more than 10 years ago, will be the firm's joint managing partners.

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