Government-backed venture capital fund CDC Capital Partners has appointed a new worldwide head of legal and hired a senior private practice lawyer – prompting a review of its external advisers overseas.

Paul Owers started in the role last month in an internal promotion following the departure in August of general counsel Joe Whitfield.

Owers will be responsible for the organisation's investments across 20 jurisdictions in Latin America, Africa, South Asia and Asia Pacific.

CDC has also hired Pinsent Curtis Biddle London-based private equity partner Marina Fariba, who will join next month as the legal department's number two.

Fariba has been a partner at Pinsents for three years and was previously at UK private equity giant 3i.

The shake-up comes amid a turbulent period for CDC, which the incoming Labour Government in 1997 announced would be part privatised, reducing the Government's stake to 40%.

However, market conditions and poor investment returns have led to the postponement of the private sale, with Secretary of state for International Development Clare Short this month announcing a rejig of its business to create "partnership funds" which would seek private investment.

The move will see CDC next year shake-up its funds to concentrate its investment in South Asia and Africa, with a target annual return of 15%-17%.
Although it is unclear what impact the shake-up of its business has had on the agency's legal team, CDC has confirmed that its in-house function has dropped from 13 lawyers in 2000 to its current total of seven.

The revision of CDC's investments is also expected to lead to the overhauling of the agency's overseas legal advisers. Owers said: "We will be looking at formalising panels in foreign jurisdictions in the coming months."

The review could affect a raft of firms, including Allen & Overy, which has advised CDC in Latin America in the past.

The agency was set up 50 years ago as the Commonwealth Development Corporation to invest in developing economies.

CDC has a total portfolio of £1.2bn and aims to plough around £190m per year into new investments.