- Fred Wysk formerly worked at SunTrust Robinson Humphrey
- Firm working on at least three fundraising mandates
- Gradually bringing in new talent
Hycroft, an advisory firm that some people believed was winding down because of staff turnover, has brought in a new president and is working to build the firm back up, sources told Buyouts.
Hycroft over the summer hired Fred Wysk, previously a senior media banker at SunTrust Robinson Humphrey, as senior managing director and president. The firm also recently hired Brian Bode as a managing director. Bode, who previously worked at Excelsior Capital Partners for over nine years, started after Labor Day, Wysk said.
Hycroft is led by Scott Myers, who founded the firm in 2013. Other executives at Hycroft include Jamie Gerard, a managing director who previously worked at private-placement agency Juniper Capital Partners; Vice President Shani Rom; and Analyst Aravind Nagarajan.
Senior departures over the past year included Thomas Morgan, Adam Collins, Tom Bratkovich and Patrick Shattenkirk. It wasn’t clear who was actually left at the firm, and sources told Buyouts Hycroft appeared to be shutting down after much of the workforce turned over.
However, that assessment was quickly debunked by the firm in June. Departures were both voluntary and involuntary, a source with Hycroft said.
“Hycroft continues to be forward-looking as we grow our business to meet the needs of the various constituents in the alternative investments market,” Wysk said in a statement to Buyouts.
“This will include adding professionals to our fundraising business to complement the existing team and building up our corporate finance and GP stakes businesses. While our current mandates are primarily focused in North America, we are looking to bolster our capabilities in Asia, Europe, South America and Australia.”
Hycroft has three business lines: fundraising and advisory; corporate finance; and investing in GP stakes. The GP stakes business, called Hycroft Capital, began raising a fund in 2016. It’s not clear how much that fund has raised. Executives from the GP stakes business left earlier this year to join Magnetar Capital to start a similar business.
On fundraising, the firm is working on at least three mandates, Wysk said: a fund that makes growth equity investments in medical device companies; a mezzanine fund nearing a $400 million final close; and a fund that will invest in digital music royalties.
The firm has a few other funds in the pipeline, Wysk said, and is working with independent sponsors on raising money for direct investments and co-investment opportunities, he said.
Hycroft has continued working on fundraising mandates including Wazee Street Capital Management’s fourth fund, Endeavour Structured Equity and Mezzanine Fund II and Aldrich Capital Partners’ debut fund, Buyouts previously reported.
Hycroft also has an advisory board consisting of Tim Carver, CEO of CQG Partners; Felix Herlihy, managing director of Cascadia Capital; Veeral Rathod, president and co-founder of J. Hilburn; and Richard Squires, co-founder and managing director of Lennox Capital Partners and Delos Shipping.
Action Item: Read more about Hycroft here: https://hycroftllc.com/about/