The former head of US buyout firm TPG in Europe is eyeing a return to the private equity industry less than three years after quitting to start a Master's degree at Yale University, FN's sister publication Private Equity News reports.

Stephen Peel is preparing to return with a role at Novalpina Capital, according to people familiar with the matter. Stefan Kowski, a former colleague of Peel at TPG, is also on board to help run the fund, the people said.