PE fund manager Grove Street Advisors raises $650 mln

Wellesley, Mass-based private equity fund manager Grove Street Advisors said Monday that it has closed $650 million in new commitments.  Four unnamed existing clients as well as one new client made the commitments.


Wellesley, MA – October 28, 2013 – Grove Street Advisors, a private equity fund investor with approximately $5 billion in assets under management, announced today it has received $650 million in new commitments. New programs have come from four existing clients of the firm as well as a new sovereign wealth fund relationship.
“We are grateful for the support of our existing clients, each of whom has partnered with us for nearly 10 years, as well as for the important new client relationship we recently launched,” said Frank Angella, a Managing Partner of Grove Street Advisors. “Our customized separate account structure offers clients the ability to augment their internal staff and to access attractive smaller and/or fully subscribed funds that are inefficient for them to cover directly. We believe our consistent strategy and the long tenure of our team makes us a valuable partner, both for our clients as well as the leading fund GPs with whom we invest.”
The new investment programs span a wide range of investment objectives: Two of the programs target diversified private equity strategies globally; two other programs are targeting smaller buyouts and fully subscribed venture funds; and one is focused on technology private equity from early stage venture through to growth capital, tech buyouts and restructuring.
About Grove Street Advisors:
Grove Street Advisors was founded in 1998 as a private equity investment organization exclusively focused on building and managing customized separate accounts for institutional and large family office clients. The firm invests globally in all segments of private equity and is particularly focused on lower middle-market buyouts and venture capital. The Partners at Grove Street Advisors have worked together for 12 years or longer and previously accumulated extensive operating experience across the full range of private equity, including positions at the portfolio company level, leading direct investments and building private equity organizations and investment strategies.