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Ex-GE Capital executives target $250 mln for debut middle-market fund

  • Team spun out of GE Capital
  • Debut fund targets lower and middle market
  • Targets companies with enterprise values $15 mln to $250 mln

A group of senior executives from GE Capital are in market with their debut fund, targeting $250 million for non-control, middle-market investments, two people with knowledge of the firm told Buyouts.

Senior Partner Mike Fisher and Partners Ethan Drake, Mark Holroyd and Rob Roderick formed White Rapids Capital last year, according to LinkedIn.

Fisher worked at GE in various positions since 1989, including as co-head of financial services and healthcare for GE Equity, his LinkedIn profile said. He left the company in 2014.

Drake worked in private equity at GE Capital from 2003 to 2014. Holroyd worked as a senior vice president at GE Capital Americas – GE Equity, from 2007 to 2015, his LinkedIn profile said. And Roderick worked in various positions at GE since 1993, his LinkedIn profile said.

White Rapids targets investments of equity-oriented structured capital to companies with enterprise value of $15 million to $250 million, according to the firm’s website. The firm focuses on a wide array of sectors, including industrial, food and beverage, healthcare, transportation, business services, energy, TMT, financial services and software.

White Rapids is among numerous spinout funds in market this year. So far this year, 170 first-time funds have raised $30.2 billion, Preqin said. That compares with 260 first-time funds that raised $30.4 billion in 2016.

Action Item: Reach Mike Fisher here: mfisher@whiterapidscapital.com

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