Newstone Nears Fund I Close

Newstone Capital Partners is expecting to close its inaugural fund by the end of May, according to LBO Wire. The Los Angeles-based firm was formed last year by former TCW/Crescent Mezzanine managing directors Timothy Costello and John Rocchio, with a regulatory filing indicating that it had closed on around $375 million of its $500 million target through last August. The final close is expected to come in between $600 million and $800 million. Limited partners include MetLife, Prudential, New Jersey State Division of Investment, Oklahoma Police, Vermont State Pension and Golding Capital Partners. PTP Securities is serving as placement agent.