Germany-based chemicals company Evonik has set up a corporate venturing office in the US and hired Lutz Stoeber to represent its North American investments.
Stoeber joined Evonik Corporate Venturing in North America at the beginning of September. His office is in Parsippany, New Jersey, where Evonik also has its US headquarter.
He previously worked in two stints at hedge fund and alternative investment manager Pardus Capital Management, latterly as a senior analyst to evaluate distressed investments in Western Europe, focusing on Germany.
Stoeber had left Pardus in 2008 during a period when it had halted redemptions on its $2bn hedge fund during the credit crunch. He has “significant financial analysis, private equity and leveraged buyout experience, with particular expertise in chemicals, basic manufacturing and shipping”, Pardus said in April 2010 when he rejoined ahead of its planned distressed debt fundraising. He had originally joined Pardus when Karim Samii and Joseph Thornton set it up in 2005, as all three had previously worked at distressed debt investment firm WR Huff.
By email, Bernhard Mohr (pictured), managing director of corporate venturing at Evonik, which set up its €100m ($130m) fund at the start of the year, said: “Lutz is seasoned expert with a longstanding history in both the chemistry and private equity industry. Prior to joining Evonik, he has been involved in investments in chemical, materials and industrial companies for more than a decade.
“As you will imagine, we are very pleased to have Lutz on board and further strengthen our activities in North America!”