Emerging Manager Roundup: Pathlight, Radian, Banner Ridge and more

Emerging managers are staying strong in the final months of the year as they collectively raised more than $1 billion for the second consecutive roundup period. Seven emerging private equity managers raised $1.1 billion from Sept. 25 through Oct. 8, according to Buyouts data.

Year to date, new managers have raised a combined $44.4 billion, according to Buyouts.

Pathlight Capital led the way with its debut fund, which closed on $505.8 million. The original target for the fund was $500 million, according to an SEC filing. The amount was raised through two vehicles.

Pathlight provides financing to fund growth, acquisitions, debt refinancing or restructures.

Radian Capital was second with its sophomore fund, which raised $300 million from 60 investors, an SEC filing showed. The New York-based growth equity firm has already doubled the size of its debut fund of $150 million in 2016. No target was listed on the fund’s listing.

Banner Ridge Partners was in a close third, bringing in $221.8 million for its third secondary fund. The amount was raised across two vehicles: $211.1 million from 46 investors on its main fund; $10.7 million from eight investors on its offshore fund, filings with the SEC showed.

Below is a rundown of the most significant emerging private equity funds that Buyouts Insider has identified as being in the market over the past few weeks:

Banner Ridge Partners

• Fund names: Banner Ridge Secondary Fund III (T), LP; Banner Ridge Secondary Fund III (Offshore), LP
• Focus: Opportunities in high-quality distressed private equity, hedge fund side pockets and out-of-favor managers.
• Amount raised: $221.8 million
• Target: N/A
• Location: New York City
• Phone: +1 212-301-7135
• Filings: https://bit.ly/329SgAn; https://bit.ly/32e7S68

Crystal View Capital

• Fund name: Crystal View Capital Fund II, LLC
• Focus: Western- and Midwest-based U.S. real estate assets.
• Amount raised: $23.9 million
• Target: $35 million
• Location: Las Vegas
• Phone: +1 702-541-6379
• Filing: https://bit.ly/2MaR5LD

First Long Island Investors

• Fund name: FLI Sterling Realty Finance II, LP
• Focus: Security investments, defensive strategies, traditional equities, private investments.
• Amount raised: $11.9 million
• Target: N/A
• Location: Jericho, New York
• Phone: +1 516-935-1200
• Filing: https://bit.ly/2M5Kx0I

Natural Capital

• Fund name: Natural Capital Fund I, L.P.
• Focus: Regional private investments, real estate and operating business located in the U.S. heartland.
• Amount raised: $15.8 million
• Target: $100 million
• Location: Little Rock, AR
• Phone: +1 501-517-3162
• Filing: https://bit.ly/2M7IZmP

Pathlight Capital

• Fund names: Pathlight Capital Fund I LP; Pathlight Capital Offshore Fund I, LP
• Focus: Financing to fund growth, acquisitions, debt refinancing or restructures.
• Amount raised: $505.8 million
• Target: $500 million
• Location: Hingham, MA
• Phone: +1 617-830-7051
• Filings: https://bit.ly/329m5kx; https://bit.ly/35jVhQy

Radian Capital

• Fund name: Radian Capital Partners II, L.P.
• Focus: Growth equity for B2B software and technology-enabled services businesses.
• Amount raised: $300 million
• Target: N/A
• Location: New York City
• Phone: +1 646-838-1154
• Filing: https://bit.ly/3170Q1p

Soleus Capital Management

• Fund name: Soleus Private Equity Fund I, L.P.
• Focus: All stages of development and corporate life science cycle.
• Amount raised: $7.2 million
• Target: $125 million
• Location: Greenwich, CT
• Phone: +1 475-208-3178
• Filing: https://bit.ly/2oClsBo

Download a spreadsheet with information about all of the funds: Emerging PE Roundup