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ACAS Alums Form New Mezz Fund: Boathouse Capital

A group of ex-American Capital professionals has teamed up to launch a new mezzanine fund based in Wayne, Penn.

Boathouse Capital is the second of what’s sure to be numerous new middle market lenders entering the fray in the aftermath of industry-wide layoffs. Last week CastleGuard Partners launched from the ashes of Freeport Financial, which earlier this year laid off all but four of its employees. Last summer the former vice chairman of CIT Group launched Tygris Commercial Finance Group, and former American Capital professionals formed Maranon Capital.

American Capital has undergone several rounds of layoffs, beginning as early as April 2008. Kenneth Jones, Stephen Gord, William Dyer and Chong Moua of the firm’s Philadelphia office joined forces to launch Boathouse Capital, which began fundraising toward an undisclosed sum of capital in the fall. The firm has applied for an SBIC license in hopes to leverage whatever amount of capital it raises. Boathouse Capital has not done a deal to date but plans to make mezzanine debt and non-control equity investments of up to $15 million “in top quality, later-stage businesses,” the company said.