Cold Spring Harbor, New York-based Third Harbor Partners has hired investment bank William Blair to raise money for its first fund, Private Equity Career News has learned.
A regulatory form filed for Third Harbor Partners Fund I LP this month did not list a target. However, the firm anticipates having at least $100 million in AUM by the end of the year, according to its Form ADV. The hiring of William Blair suggests the firm is seeking an institutional investor base.
The backer of business services and industrials companies was founded earlier this year by Managing Partners Dustin Smith and Mark Paolano. They’ve been joined by CFO/CCO Thomas Walker.
The three join a long parade of PE firms to launch debut funds this year into a tough fundraising market. Others newly on our radar include Miami-based Oceans Equity, Fort Lauderdale, Florida-based Sterling Lane Partners, New York City-based Carabela and San Francisco-based Prist Capital.
Meantime, debut fundraisers we’ve reported on earlier scored significant milestones in recent weeks. New York City-based NorthSands Capital, launched in 2023 by Blackstone alum Bruce McEvoy to invest in CVs, landed a $75 million commitment from Virginia Retirement System, according to meeting materials. And Fulton, Maryland-based buyout firm Awani Capital Management, founded by ex-GenNx360 Capital Partners executive Daphne Dufresne, landed a $75 million commitment from the New York State Common Retirement Fund for its debut pool, meeting materials show.
We were unable to connect with the firms by press time to learn about hiring plans. Here is what we know so far:
Third Harbor Partners: The founders are likely the same Smith and Paolano who worked at New York City-based business services, industrials and IT services firm Mill Point Capital and earlier at middle market investor American Capital. Smith and Paolano left Mill Point Capital earlier this year as a managing partner and partner, respectively, according to their LinkedIn profiles. Mill Point Capital closed its third fund in 2024 with about $1.7 billion.
Oceans Equity: This services and niche products investor, founded in 2023, is raising money for its Oceans Equity Fund I LP. Portfolio companies include home health services provider Elite Home Health and entertainment centers operator Ryan Family Amusements. Managing Partners Josh Bilmes and Scott Bartnick previously worked at lower-middle-market firm Boyne Capital.
Sterling Lane Partners: This specialist in growth equity, funds of funds and real estate, is raising money for its Sterling Lane Fund I LP. Sterling Lane Partners targets industries such as technology, applied AI, consumer, industrials, logistics and financial services. Managing Partner Michael Marshstarted the firm earlier this year after serving as a senior vice president of investor relations at real estate private equity firm Global Storage Partners.
Carabela: This specialist in entertainment, sports, media and consumer businesses has raised at least $25.7 million for its Carabela Investments I LP fund. Founded in 2024, the firm is led by Managing Partner Eduardo Garcia Fernandez, a chairman at Latin entertainment company Breshand a former managing partner at healthcare, business and consumer services investor Carroll Street Capital. Carabela’s team also includes a recently-hired principal.
Prist Capital: This venture capital firm is raising money for its Prist Capital I LP fund. It was founded this year by Meka Asonye, a former partner at First Round Capital, which has backed online games platform Roblox and rideshare services company Uber. Asonye is the only employee listed on the LinkedIn profile for Prist Capital, which seeks pre-seed and seed investment opportunities in critical industries, national security, frontier technology and AI.
––Michelle “Moe” Saxton