Black Diamond Capital Holds First Close

Black Diamond Capital, a debt investment firm based in Greenwich, Conn., has held a first close on its third fund. The firm gathered $206 million in commitments from 11 investors for BDCM Opportunity Fund III, according to a regulatory filing. No target was named. The firm’s prior fund raised $982 million in capital commitments in 2007. Black Diamond’s first fund closed in 2003 with $416 million.

C.P. Eaton Partners is serving as the fund’s placement agent.

The firm provides debt and equity for mid-market buyout deals, project finance, start-ups and real estate transactions.

Do not, by the way, confuse Black Diamond Capital with Black Diamond Capital Partners, an Austin-based specialty private equity firm focused on insurance sector. You know, you firm namers really need to get your act together. The fact that two firms named themselves after a ski slope symbol made me wonder, given the obviousness, if there were any Double Black Diamond Capitals out there. I mean, sure, black diamond runs are killer, but not as killer as DOUBLE black diamonds, am I right? And of course, I don’t even know why I’m surprised, but the egos of financial types prevailed-upon further research, I found Double Black Diamond LLC, a hedge fund managed by Carlson Capital. Those guys ski off cliffs.

On second though, maybe it’s all a reference to playing cards.