Ex-Welsh Carson senior executives eye debut fund

  • Led by ex-Welsh Carson sector co-head Sanjay Swani
  • Targeting $600 mln
  • Focusing on tech and business services

A group of executives formerly with Welsh Carson Anderson & Stowe recently launched a firm to invest in middle-market tech and business services companies, sources told Buyouts.

Saroras Private Capital is eyeing $600 million for its debut fund, a limited partner with knowledge of the process said. It’s not clear if Fund I is officially in the market or if it has raised any money so far.

No one from Saroras responded to a request for comment.

The firm is led by Managing Partner Sanjay Swani, former co-head of the information and business services group at Welsh Carson. Swani left Welsh Carson in September 2016 after about 17 years with the firm. He also was a general partner and member of the firm’s management committee, according to his biography on Saroras’s website

Prior to Welsh Carson, Swani was a director at Fox Paine & Co. He also worked at Morgan Stanley in M&A and restructuring, and debt capital markets, his biography said.

Some of the deals Swani worked on include iPad point-of-sale platform Revel Systems and e-payment services firm GlobalCollect, which Welsh Carson sold in 2014.

Swani is joined at Saroras by Robert Minicucci, co-founder and chairman, who was formerly a general partner, co-managing partner and member of the management committee at Welsh Carson.

Other Welsh Carson alums who are now managing directors at Saroras include Will Eisenbeis, who formerly worked as an operating partner; Conner Mulvee, a former principal; and Eileen Nelson, formerly a managing director of business development. Nelson now leads Saroras’s investor relations efforts.

Meanwhile, Welsh Carson has added 15 people to its investment team in recent years, including two general partners it hired last year: Chris Hooper, who is on the tech team, and Gregory Lau, who is on the investor relations team. It also added Principal Michael Vaupen to its healthcare team.

Welsh Carson promoted Scott Mackesy to managing partner in September 2016. He leads healthcare investing, while Anthony de Nicola, president and managing partner, leads technology investing.

Welsh Carson raised more than $2.8 billion for the first close of its 13th fund, according to an SEC filing. Fund XIII is targeting $3.75 billion.

Welsh Carson declined to comment.

Action Item: Read more about Saroras here: http://saroras.com/