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New firm Angeles Equity reaches $100 mln first close

Firm: Angeles Equity

Fund: Angeles Equity Partners I LP

Target: $300 mln

Amount raised: $100 mln

Placement agent: Moelis & Co

Angeles Equity Partners, headed up by executives who left the Gores Group in 2014, recently held a first close on $100 million for its debut fund, according to two sources.

With support from endowments and foundations, public pension funds and funds-of-funds, Angeles Equity plans to hold a second closing later this year or early 2016, said one of the sources. The firm expects to reach its $300 million target by the middle of next year, the source said.

The Los Angeles-based firm launched fundraising in late 2014 but geared up more intensely early this year, holding a first close on October 19, the source said.

Jordan Katz and Tim Meyer, former managing directors at Gores Group, launched Angeles Equity Partners with a focus on middle-market buyouts in the industrials sector.

The firm’s principals have been active in the deal market, the source said, but no press releases have been issued about any specific transactions under the firm’s name.

Angeles Equity plans to invest in companies across a wide range of industrial sectors, targeting entities which can directly benefit from the firm’s expertise in operational transformation and strategic repositioning, according to Katz’s LinkedIn profile, which lists his title as co-founder and managing partner of the firm.

While at Gores Group, Katz served on the boards of Cosmo Specialty Fibers, ProxicomSage Automotive Interiors, and United Road Services, the profile said.

Meyer also lists his current title as co-founder and managing partner of Angeles Equity, according to his LinkedIn profile.

In 2013, Meyer accepted the award for M&A Deal of the Year from M&A Advisor for the Stock Building Supply transaction. “We were able to acquire and transform a struggling business that with its recent successful IPO is now positioned to thrive,” Meyer siad in a prepared statement at the time.

Angeles Equity’s website is a single page with its logo, address and a general email address. Katz and Meyer didn’t immediately respond to emails sent to their LinkedIn accounts.

Action Item: Angeles Equity  can be reached at info@angelesequity.com