abrdn's former global head of private markets Mark Redman has emerged at Stellex Capital Management, a $2.6bn mid-market private equity firm, following his departure from the Edinburgh-based asset manager in March after just 18 months with the company.

Based in London, Redman will take on the role of managing partner at Stellex to oversee the firm's European operations and further expand the firm's investment activities and profile in the region.

Redman left abrdn in March after less than two years, having replaced Peter McKellar in October 2020 to oversee the management of £12bn of assets across Europe and North America. 

Abrdn global head of private equity departs

Prior to that, he was the global head of private equity for OMERS, a Canadian pension plan, which he joined as head of Europe in 2009. Redman was also a partner at 3i, a UK-based private equity firm, from 1996 to 2008.

Ray Whiteman, managing partner and co-founder at Stellex Capital Management, said: "Mark has fantastic experience in building and scaling a private equity business. We are delighted to have him onboard alongside us as we think about the direction of the firm and differentiated ways to create value for our limited partners."

abrdn set to offload private equity business - reports

Redman added: "I am absolutely thrilled by the opportunity to author the next chapter of Stellex's growth in Europe and contribute alongside Mike and Ray to the Firm's development going forward. 

"Stellex's entrepreneurial culture was apparent from the beginning of our conversations and the team's energy and enthusiasm for building a market-leading business has me very excited to see what the future holds in the coming years."

Following Redman's departure from abrdn in March, reports emerged that the firm was planning to sell its private equity business. In July, Sky News reported that abrdn was preparing to offload the business as part of its ongoing streamlining under CEO Stephen Bird.