Firms & Funds

Emerging managers continue their summer surge, led by Searchlight

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Roundup
  • Thirteen emerging PE funds raised more than $4.9 bln from July 3 to July 16
  • Third-largest haul of the year
  • Searchlight Capital raised over $2.75 bln, the most of this period

Despite slowing their pace, emerging managers had a consecutively strong fundraising period. Thirteen private equity funds hauled in more than $4.9 billion from July 3 through July 16, Buyouts data shows. The windfall is the third-largest pulled by emerging PE managers this year.

Searchlight Capital led the charge with its third flagship. The New York City-based firm raised more than $2.75 billion from 122 investors through two vehicles, according to SEC filings. Earlier this year, Buyouts reported that the fund would have a $3.25 hard cap.

Searchlight was formed by Eric Zinterhofer, former co-head of media and telecom at Apollo; Oliver Haarmann, a former partner at KKR; and Erol Uzumeri, who formerly led the private equity business at Ontario Teachers’ Pension Plan.

OrbiMed Healthcare Fund Management pulled in the second-highest amount. Its third Royalty and Credit opportunities fund raised more than $889 million from 69 investors, according to an SEC filing. The fund has a target of $1.2 billion.

At third was Pacific Private Money, raised about $700 million from 12 investors through three funds in the market, according to SEC filings. Its third private equity opportunities fund raised more than $410 million, its third private credit fund raised more than $250 million; and its third feeder fund raised over $39 million.

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:

Blue Sage Capital

  • Fund name: Blue Sage Capital III, L.P.
  • Focus: Growth, recapitalization and buyout financings of small middle-market companies.
  • Amount raised: $198.2 mln
  • Target: N/A
  • Location: Austin, TX
  • Phone: +1 512-536-1900
  • Filing: https://bit.ly/2O9o2v0

Bookend Capital Partners

  • Fund name: Bookend Capital Partners I LP
  • Focus: Controlled investments in professional, industrial and consumer markets.
  • Amount raised: $86.8 mln
  • Target: $300 mln
  • Location: New York City
  • Phone: +1 646-595-1663
  • Filing: https://bit.ly/2XU05ar

Clovis Point

  • Fund names: Clovis Point II, LP; Clovis Point II-B, LP
  • Focus: Buyout and growth equity investments in U.S.-based lower middle-market companies.
  • Amount raised: $37.8
  • Target: N/A
  • Location: Houston, TX
  • Phone: +1 713-996-6731
  • Filings: https://bit.ly/2JCxrqr; https://bit.ly/2LWkR76

Corrum Capital Management

  • Fund name: Corrum Capital Aviation Partners II, LP
  • Focus: Direct debt and equity investments in partnership with experienced operators.
  • Amount raised: $35 mln
  • Target: N/A
  • Location: Charlotte, NC
  • Phone: +1 704-330-7300
  • Filing: https://bit.ly/2ShSLnK

Mangrove Equity Partners

  • Fund name: MANGROVE INVESTORS III, L.P.
  • Focus: Industrial product manufacturing, consumer product manufacturing, industrial services, distribution.
  • Amount raised: $175 mln
  • Target: $175 mln
  • Location: Tampa, FL
  • Phone: +1 813-868-4500
  • Filing: https://bit.ly/2XLMS3j

Navegar

  • Fund name: Navegar II L.P.
  • Focus: Growth capital to established businesses in agriculture, consumer finance, education, food and beverage, heathcare, business process outsourcing, leisure and hospitality, manufacturing and retail.
  • Amount raised: $87.1 mln
  • Target: $200 mln
  • Location: Philippines
  • Phone: +63 2-808-4566
  • Filing: https://bit.ly/2Y8k7Ca

OrbiMed Healthcare Fund Management

  • Fund name: OrbiMed Royalty & Credit Opportunities III, LP
  • Focus: Provide commercial-stage healthcare companies with non-dilutive structured debt capital.
  • Amount raised: $889.8 mln
  • Target: $1.2 bln
  • Location: New York City
  • Phone: +1 212-739-6400
  • Filing: https://bit.ly/2JBJxjG

Pacific Private Money

  • Fund names: Pacific Private Feeder Fund III L.P.; Pacific Private Credit Fund III L.P.; Pacific Private Equity Opportunities Fund III L.P.
  • Focus: Owner occupied loans, bridge or refinance, construction, commercial and non-owner occupied acquisition and rehab.
  • Amount raised: $669.7 mln
  • Target: N/A
  • Location: Newport Beach, Calif.
  • Phone: +1 949-219-3352
  • Filings: https://bit.ly/2JAQYHG; https://bit.ly/2YX7cAl; https://bit.ly/2SeE1Gi

Searchlight Capital

  • Fund names: Searchlight Capital III, L.P.; Searchlight Capital III PV, L.P.
  • Focus: Buyouts, growth equity, recapitalizations across North America and Europe.
  • Amount raised: $2.8 bln
  • Target: $3.25 bln
  • Location: New York City
  • Phone: +1 212-293-3730
  • Filings: https://bit.ly/2SpHD8v; https://bit.ly/32vSfaq

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