Blackstreet Capital Management has held a $91 million first close for its second fund, which is targeting $125 million. The Bethesda, Md.-based firm focuses on turnarounds and distressed opportunities in the small and middle-markets.
Blackstreet Capital Management today announced that Blackstreet
Capital Partners II, LP raised $91 million of equity capital in 2008. This is the first closing of the fund, which is expected grow to $125 million.
“We are grateful for the confidence and support of both our long-time and new investors,” said Murry N. Gunty, Founder and Managing Director of Blackstreet Capital Management. “This fund will allow us to capitalize on the unique opportunities we anticipate in 2009 and beyond.”
Blackstreet Capital Partners II follows on the success of Blackstreet’s first fund, Blackstreet Capital Partners, LP, which purchased or invested in 14 companies representing more than $1.2 billion in annual revenue, and returned an average of 5.5 times invested capital on realized transactions.
Blackstreet Capital Management specializes in rescuing and turning around distressed small and midsized companies with unique assets and unrealized market potential. “We invest the human and financial capital necessary to position distressed companies to operate successfully and profitably in the long-term,” said Gunty. “Over the past five years, our investments have saved more than 6,000 jobs for employees and local communities, while providing significant returns for our investors.”
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About Blackstreet Capital
Blackstreet Capital Management, LLC (www.blackstreetcapital.com) is a Bethesda, MD based private equity firm with over $175 million of capital under management. Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Blackstreet seeks investments in a range of industries, including manufacturing/distribution, restaurants, specialty retail, business services and health care. Blackstreet’s advisors include former Chief of Staff to President Ronald Reagan, Kenneth Duberstein; former Chief of Staff to President Bill Clinton, Thomas McLarty III; lobbyist Thomas Hale Boggs, Jr.; and Carlyle Group founder Edward J. Mathias.