This week was packed solid with industry news. If you’re an LP, how’s your annual meeting season going? Any good gossip coming out of the meetings? Hit me up at firstname.lastname@example.org.
New shop: Readers of the Wire will know that one thing I love writing about is new firm formation, especially those formed by mid-level execs from larger shops. Bookend Capital is one such shop I hadn’t really heard of before. Ex-TSG Consumer Partners executive Alexander Panos formed Bookend in 2015 to invest in food, beverage, beauty and apparel companies.
Bookend got a big boost from Wisconsin Investment Board, which committed $50 million in the second quarter, according to Justin Mitchell. The firm had raised at least $86.8 million as of July, according to a Fund D fundraising document. Check out the story here.
Another new shop I’ve been hearing about is Crest Rock Capital out of Denver. Crest Rock is targeting somewhere around $400 million for its debut fund. It was launched by former Marlin Equity exec Steve Johnson, who worked at Marlin from 2009 to 2018. Check out the story here.
For lots of first-timer and emerging manager news, check out our Emerging Manager archive here, or look for Joe Weitemeyer’s emerging manager roundups like this one. And of course, if you know of an interesting new shop, a spinout, an executive who has left a larger shop to start a new one, reach me at email@example.com or drop a tip in our anonymous tip jar on PE HUB.
Smaller is better: Raising a first-time fund is a hard bet, even in a strong fundraising year like 2019.