Brightstar makes second investment as it eyes final close on debut

  • Brightstar expected to close debut fund by year end
  • Likely to hit $750 mln target
  • Seals second platform deal in debut pool

Brightstar Capital Partners, launched by former Lindsay Goldberg executive Andrew Weinberg, sealed the second platform deal from its debut fund, investing in Texas Water Supply Co.

Texas Water Supply Co. operates around 40 wells serving San Antonio and the surrounding region. The investment will allow Texas Water Supply to expand its production capacity, the firm said in a statement Tuesday.

Financial details on the investment were not disclosed. Brightstar makes control investments between $50 million and $250 million in each portfolio company.

Brightstar made its first platform investment in March in Global Resale LLC, which focuses on resale, buyback and distribution of technology devices.

Fund I, which has been in market targeting $750 million since last year, is expected to close on target by year-end, according to a person with knowledge of the firm. Weinberg formed Brightstar in 2015.

As it deploys its debut pool, Brightstar has been expanding. The firm now has a total of 25 employees. It hired four investment professionals this year: Joe Stanislaw, senior partner; Lindsey Tannenbaum, vice president; and associates Diana Hong and Jason Nong.

Weinberg worked at Lindsay Goldberg from 2003 to 2015. He also worked at Goldman Sachs and Morgan Stanley earlier in his career, his biography on Brightstar’s website shows.

Brightstar targets middle-market companies, primarily in business services, industrial services and consumer. The firm invests $50 million to $250 million in companies primarily in the U.S. and Canada, the Form ADV says.

Action Item: Check out Brightstar’s Form ADV:

Photo of Andrew Weinberg courtesy of Brightstar Capital