Aterian talks to LPs about debut fund

A new-ish firm has been talking to potential investors about its debut fund, sources have told me.

Aterian Investment Partners was founded by Michael Fieldstone, a former principal with Sun Capital Partners, in 2009, according to the firm’s web site. Aterian is led by Fieldstone, former Sun Capital principal Christopher Thomas and former Insight Equity principal Brandon Bethea.

The target is not clear, though Aterian has been talking to potential investors about its first fund, and one potential LP said the firm could target as much as $400 million. That figure could not be officially confirmed with Aterian as Fieldstone declined to comment. It’s also not clear if the firm has actually launched fundraising yet, though a source told me UBS is working with the firm on marketing.

The firm focuses on businesses generating $25 million to $500 million of annual revenue, according to Aterian’s web site. Focusing on multiple industries, Aterian looks for control and ‘selective non-control’ deals, turnarounds, underperformers, carve-outs and special situations and management partnerships, the web site said.

Aterian is the second new firm with executives from Sun Capital. Earlier, we reported that David Blechman, a former Sun Capital and HIG Capital executive, formed New State Capital to focus on special situations. Blechman is joined by John Beauclair, former principal with Vector Capital, Gryphon Investors and Sun Capital, and John Kim, former executive director in the financial sponsors & leverage finance group at UBS.

David Toll, editor-in-charge at Reuters Buyouts, contributed to this report.

Photo courtesy of Shutterstock.