The founder of Mid Europa Partners, the London-based private equity firm that invests in central and southeastern Europe, is to step down as managing partner after 17 years, joining a raft of other buyout veterans that have left their roles in recent months.

Thierry Baudon, who founded Mid Europa in 1999 and has led the team as managing partner ever since, will on August 1 switch executive chairman. Robert Knorr and Matthew Strassberg will take over as co-managing partners, according to a statement on July 19.