Baines is understood to have been hired by Investcorp to run a mezzanine fund which will be geared towards investing regionally. Investcorp confirmed his appointment but declined to give details of his new job. Investcorp, which was originally founded as a private equity firm focused on investing capital from the GCC into western European buy-outs, set up a new Middle East-focused business in 2007. Its Gulf growth capital business group is aimed at buy-out opportunities in the region.
Baines, who was previously based in London, left SG in the first week of September. He was rumoured at the time to be leaving to join the buy-side after a two year spell as a managing director in European leveraged capital markets at the French bank.
He had been at SG for 19 years, and was head of European loan distribution at SG from 2000 to 2006. He had also worked in structuring, origination, sales and syndicate at the bank.
The loans team at SG was restructured in the week after Baines’ departure, and former European loan head Steve Swift was made deputy global head of leveraged and media and telecom finance. Damien Lamoril and Tanneguy de Carné became the new co-heads of European loan syndications. Lamoril had formerly been deputy head, while de Carné had head of European leveraged capital markets, responsible for LBO-loans and junk bonds. He was replaced by Ajit Madan.
