PE HUB Wire Highlights, 7.17.19

Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

Navab Capital said to wind down; Allagash targets $500 mln for debut OZ fund; Butterfly, launched by two friends from KRR and Vista, flits past target on debut fund

Greeting from Starbucks!

Hubsters, my apartment suffered an outage yesterday that left me without WiFi and TV. Cablevision has no idea what happened but is en route to help me sometime today. This means I’m likely in store for a long wait. (Does anyone remember the “Seinfeld” episode where Kramer makes the cable guy wait for him? Not to get meta this morning, but is all of life just a “Seinfeld” episode?)

We have some sad news. Navab Capital Partners is winding down after its founder, Alex Navab, unexpectedly passed away earlier this month, Bloomberg reported. The firm had been targeting $3 billion for its first fund. See our brief here.

“Navab Capital Partners will not pursue plans to raise a fund, and will wind down in an orderly fashion,” the firm said in the story. “We continue to grieve this terrible loss, and in our individual ways, we will cherish Alex’s memory and support his legacy of business and community leadership.”

Navab worked as head of Americas Private Equity at KKR. He was also a member of the firm’s management committee, chair of the Americas private equity investment committee and chair of the Americas portfolio management committee. Navab left KKR in 2017 and launched Navab Capital.

If I haven’t been clear, our hearts and thoughts go out to Navab’s family and the firm for their loss. We really didn’t expect this and are saddened by the news.

Distressed funds dominated fundraising during the first half, sister publication Private Debt Investor is reporting. Lone Star demonstrated its pulling power with two of the biggest vehicles. See the story here