Charles Graham and Noel Manns, the co-founders of Europa Capital Partners, are leaving the company’s executive committee and have sold their shares in the firm.

The pair will “step back” at the end of the month, according to one of Europa Capital’s investors, San Diego City Employees’ Retirement System.

The US pension fund backed Europa Capital’s fifth fund with $20m (€17.7m) earlier this year.

According to a board meeting document prepared by the pension fund’s investment consultant Aon Hewitt, Graham and Manns have sold their remaining shareholdings in the firm and will “officially step back from their duties on executive and other committees” on 30 September.

Graham and Manns, who with Richard Collins and Rob Sim make up the firm’s executive committee, will “remain available to the firm if necessary” until the end of March next year.

Europa Capital is looking to raise €750m for Europa Fund V, with a hard cap of €1bn, which would make it the manager’s largest fund to date.

The San Diego City document said neither Graham nor Manns were listed as “key men” in the most recent offering documents for Europa Fund V.

Manns remains responsible for the Europa’s mezzanine fund, launched in 2012.

Europa Capital did not comment.

James Fortescue and Hugo Black last month became partners in the firm, which has been part of The Rockefeller Group International since 2010. Fortescue focuses on the Benelux and offices, industrial and retail warehouses in the UK, while Black focuses on corporates, the Nordics as well as UK residential and shopping centres.

Jonathan Mansie, James Pennington and Carolyn Medwynter were also named directors. Dipen Patel, Gergely Koos-Hutas and George Minns were promoted to associate director and Will Hughes was promoted to associate.

Schalk Visser last year joined Europa Capital as head of equity capital markets. Visser left AEW Europe to take up the role, becoming a partner in the firm.

Europa Capital has also requested a one-year extension for the fund life for Fund III, in which San Diego City is also an investor. Europa Capital plans to move the fund’s termination date to 12 December 2017.

The extension will allow six assets in the fund to be sold.

Europa Capital has raised nine real estate funds since 1995 and committed some €9bn across 19 European countries.