AUA Private Equity Fund II to seek $300 mln

  • AUA Fund II GP commit is 8 pct to 10 pct
  • Probitas is placement agent for AUA Fund II
  • Unanue was COO at Goya from 1999 to 2004

AUA Private Equity Partners, the buyout shop founded by Goya family member Andy Unanue, will return to market soon with its second fund, according to three sources.

The New York lower-middle-market firm is seeking $300 million for Fund II, two of the people said. A hard cap has not been set, one source said.

Probitas Partners is placement agent for the pool, people said.

The $300 million target is nearly twice AUA’s debut fund, which closed in 2015 on $153 million, the person said. AUA has deployed $330 million, the source said. Fundraising for Fund II is expected to begin in a month or so, the person said.

Like its debut pool, the GP commit for AUA Fund II is 8 percent to 10 percent, the person said. The firm has not decided whether it will offer co-investments without fees or carried interest, as it did with the first fund.

AUA’s focus and team with Fund II remains intact. It did add Carla Langerhorst, who joined the firm in September to run investor relations, her LinkedIn profile said. “Everything will be exactly the same” with Fund II, the source said.

Unanue is part of the family that founded Goya Foods. At Goya, he was COO from 1999 to 2004.

Unanue, along with Steven Flyer and David Benyaminy, launched AUA in early 2012. He is managing partner of AUA, while Flyer and Benyaminy are partners.

AUA targets minority or control investments in lower-middle-market companies that are Hispanic-oriented or family-owned. Sectors of focus include consumer products and consumer services. The PE firm typically invests from $15 million to $75 million equity per deal.

In 2017, AUA made one platform investment, in Water Lilies Food Inc. The firm last year also completed several add-ons, including Business Archives of Tampa, Steinway Moving & Storage, Elegant Desserts, IWC Media Services, Love & Quiches and Cirque Dreams, PitchBook said.

AUA completed an exit in 2017 when it sold eSchoolData to IO Education, an LLR Partners portfolio company, PitchBook said.

AUA and Probitas could not be reached for comment.

Action Item: Contact Andy Unanue at +1 212-231-8600

Photo of potstickers sourced from Water Lillies Food website