Perhaps it was inevitable. PE firms have put so much emphasis on building up their consulting arms, portfolio support groups and operational expertise that in some cases their executives are moving to non-investment companies.
Month: November 2024
Minority-led debut fund gets lift from NY State Common
Via its emerging manager program the New York State Common Retirement Fund has committed $16.15 million to the inaugural industrials, consumer and healthcare PE fund of minority-led Trident.
Big Moves: Inflexion PE, A&M Capital, AIMCo
The following Big Move! items appeared in the November 15 and 22 free editions of Private Equity Career News:
Michael Baster joins London-based buyout firm Inflexion Private Equity as a partner to source and execute deals in business services, according to his Linkedin profile. Baster previously served as a partner at Crescent Capital Partners.
Infrastructure firm led by ex-Apollo partner hires Eaton to raise debut
A new infrastructure firm whose founders include former Apollo Global Management Senior Partner Geoffrey Strong and an ex-official in the U.S. Department of Energy have hired placement agent Eaton Partners to raise a debut fund.
Big Moves: Adams Street Partners, PPM America
Stephen Bluestein joins the Menlo Park office of Chicago money manager Adams Street Partners as partner to work on selecting primary commitments. According to his Linkedin profile, Bluestein most recently served as managing director-investments at The David and Lucile Packard Foundation.
Wafra launches fifth “Constellation” fund earmarked for emerging managers
Wafra has launched its fifth “Constellation” fund of funds earmarked to back next-generation PE managers. Such firms have become one of the industry's leading creators of new jobs as they ramp up their investment and back-off operations.
The New York City-based money manager wants to raise an undisclosed sum for Constellation Generation V LP, which includes four tranches branded Fund-A, Fund-B, Fund-C and Fund-D, according to new SEC documents.
Harren Equity future unclear after founder pleads guilty to domestic assault
Questions surround Charlottesville, Virginia-based buyout firm Harren Equity Partners after Founder Thomas A. Carver this summer pleaded guilty to a domestic assault charge stemming from an argument with his girlfriend in February.
One of the biggest is whether the 24-year-old firm will be able to complete raising its fourth fund. According to a regulatory filing from February 2023, Harren Equity Partners had raised some $94 million of the $300 million it sought for Harren Investors IV LP. The firm has not filed an updated Form D since then. We were unable to reach Carver for comment.
Ex-Harren Equity partner launches lower-mid-market shop
Joel Carter, a former partner at Harren Equity Partners, has launched his own Charlottesville, Virginia-based lower-middle-market buyout shop. Wacona Capital is one of several PE firms formed this year, led by ex-executives from Gallant Capital, Greenbrier Equity Group, Sun Capital Partners and others.