Month: January 2021

Clearhaven, raising first software fund, eyes 2-3 hires: Updated

Michelle Noon

Clearhaven Partners, a software-oriented private equity firm co-founded by Michelle Noon and Kevin Wood, has opened a requisition to add a second associate to its Boston-based team.

By year-end the firm also intends to add a second VP-level deal quarterback, which would bring its payroll to about 10 professionals–including the recent addition of Managing Partner Chris Ryan, a former colleague’s of Noon at Boston-based Riverside Partners. Looking ahead to 2022 or 2023, Noon told PECN, the firm anticipates adding a VP on the value-creation side of the firm.

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TriSpan builds bench strength as Fund II grows

TriSpan, a U.S. and European buy-and-build specialist founded six years ago, is beefing up its payroll in anticipation of closing a second fund with a reported target of $500 million.

Dave Allan (pictured), the firm's London-based CFO and COO, described the roughly 40-person firm as building out its bench across all functional areas. The goal is to become a "world-class firm." The firm is especially interested in starting talent as interns, then promoting them through the ranks.

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Cynosure secures $200M+ on debut fund; eyes more hires

The Cynosure Group, a Salt Lake City-based money manager for families, foundations and other institutional investors, has raised over half of the $400 million it's targeting on a debut fund earmarked largely for minority positions in profitable founder and management-owned companies.

To help sustain the effort, the 22-person firm has an analyst slated to start in March and an associate in April. It may look to hire two additional deal professionals over the next year, possibly one at the junior level and one at the mid-level. The firm also plans to get in the habit of hiring a handful of rising-senior undergraduates as summer interns. Three are lined up for this year.

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Fundraising by Woman, Minority-Owned Firms Surges

It was another banner year for U.S.-based woman and minority-owned firms--especially on the venture capital side of the market.

A just-released report by West Hartford, Connecticut-based money manager Fairview Capital Partners found 502 woman and minority-owned private equity and venture capital firms in operation by year-end, up from 394 the previous year.

Now in its seventh year, the report also found that, since 2014, the population of diverse firms has grown at a scorching 28 percent compound annual growth rate. Of the 502, 214 count as woman-owned firms.

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Richard Prestegaard joins Freeman Spogli to head origination

Richard Prestegaard has joined the New York City office of consumer and distribution specialist Freeman Spogli & Co as a principal and head of business development.

It appears to be a new role for the 36-year-old firm, which acquires healthy North American companies generating $10 million to $75 million of EBITDA. Target industries include consumer products, consumer healthcare, e-commerce, restaurants, retail services, wholesale distribution and specialty distribution.

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Riverside Company’s Adam Miller launches full-service talent firm

Adam Miller is making a big bet on the growing importance of talent acquisition, talent development, organizational HR structure, diversity, and leadership training to private equity firms and their portfolio companies.

"HR has never had as many demands put on it as a function in the industry as it does now," said Miller (pictured) in an interview this week. Among those demands, he pointed to pressure from limited partners to hire more women and minorities, from employees to offer more flexibility to working parents, and from executives to stay competitive in the race for talent to manage both their own firms and their portfolio companies.

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Trilantic hires executives to lead special-situations investments

Trilantic North America, the New York City shop that closed its latest buyout fund at $2.75 billion about 18 months ago, has brought aboard at least two investment professionals with experience investing in troubled situations.

Igor Fuks, managing director and head of special situations, and Seth Goldberg, managing director-special situations, previously worked together at New York City-based Tarsadia Capital. The firm is the investment arm of Tarsadia, described as "a multi-billion dollar family office" on the Tarsadia Capital Web site. It invests in debt, equities and commodities on the secondary market.

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