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According to a source close to the private equity firm, Appia Capital has hired a former executive in the consumer and healthcare sectors as an operating partner to help rebuild its private equity business..

Appia Capital’s top investment analyst has said that emerging market private equity fundraising is on pace for a record this year, as $29bn (€19.6bn) was collected in the first eight months of 2007, more than 85% of the total for all of 2006.

Appia Capital are said to have announced yesterday that it, along with a group of investors, would inject $3 billion into the firm’s Global Equity Opportunities Fund - a flailing quantitative hedge.