Perella Weinberg Partners raises $600 mln for growth equity fund

Financial services firm Perella Weinberg Partners has closed $600 million for its growth equity fund. The original target was $400 million. Barclays Capital was a placement agent for a portion of the fund.

PRESS RELEASE

New York, NY – October 1, 2014 – Perella Weinberg Partners, a leading independent financial services firm, today announced the final closing of its $600 million PWP Growth Equity fund. The fund exceeded the original $400 million target and met the revised cap of $600 million.

PWP Growth Equity is a private equity investment strategy focused on primarily U.S.-based growth-oriented companies in the lower middle market, spanning the consumer, services, and industrial sectors. The fund was co-founded by Partners David Ferguson and Chip Baird, who joined the Firm in 2012. Mr. Ferguson and Mr. Baird have worked together for over a decade and have more than 40 years of combined experience in private equity investing.

Mr. Ferguson stated, “We are thrilled to announce the final close of the PWP Growth Equity fund and are especially excited about the quality and breadth of our investor base. We feel strongly about the opportunities to create value through growth in the lower middle market.”

Mr. Baird added, “By forming partnerships with management teams, we seek to leverage our expertise and resources to help companies in the lower middle market realize their growth potential. David and I have worked together for over 10 years and we look forward to building on our record of creating value.”

Terry Meguid, Co-Head of Asset Management at Perella Weinberg Partners, said, “PWP Growth Equity continues our success in identifying and supporting talented investment professionals. Chip and David have assembled an excellent team and we are very pleased that investors have enthusiastically embraced their unique investment approach.”

Current Investments

Trench Plate Acquisition – In August of 2012, the PWP Growth Equity team led its first acquisition of Trench Plate Rental Company (“TPR”), in partnership with TPR’s management team. TPR is one of the largest providers of government-mandated trench safety equipment to the underground construction industry in the Western U.S. The company operates 12 branches in Southern California, Northern California, Las Vegas, Reno, and Houston. TPR has a strong, established market position and a significant asset base that allows it to capitalize on the industry and macroeconomic tailwinds. (The Trench Plate investment was made outside of the fund.)

Fashion to Figure Investment – In February of 2013, the PWP Growth Equity team completed its second investment in Fashion to Figure, a fast-fashion retail chain dedicated exclusively to plus-size women’s fashion and related accessories. Fashion to Figure provides up-to-the-minute fashion trends at value prices. The company has more than 25 locations across the United States and also operates an online retail business. Fashion to Figure was founded, and is currently led, by the great-grandsons of Lena H. Bryant, the revolutionary businesswoman and visionary dressmaker who invented full-sized fashion over 100 years ago.

Youfit Health Clubs – In April of 2014, the PWP Growth Equity team completed its third investment in Youfit Health Clubs (“Youfit”), one of the fastest-growing value-priced fitness chains in America. Youfit has approximately 80 clubs in 10 states. The company operates on a unique business model with no long-term contracts and caters to the average person seeking to improve their fitness. Youfit was founded in 2008 by Rick Berks, the original owner of the Planet Fitness trademark.

Barclays Capital Inc. served as a placement agent for a portion of PWP Growth Equity and Weil, Gotshal & Manges LLP provided fund formation counsel.

About PWP Growth Equity
PWP Growth Equity is a private equity fund affiliated with Perella Weinberg Partners. The fund invests in growth-oriented, lower middle market companies, primarily in the United States. PWP Growth Equity seeks to find quality investment opportunities where it can partner with the business owners and management teams of companies in the consumer/retail, services and industrial sectors. The fund seeks to invest in businesses that have strong and differentiated competitive positions and, under the leadership of strong management teams, offer the potential for significant continued growth.

About Perella Weinberg Partners
Perella Weinberg Partners is a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments. The Advisory business advises clients on mergers, acquisitions, defense advisory, financial restructuring, private capital raising, and pension matters. The Asset Management business includes a suite of hedge fund strategies, private investment funds (including real estate) and outsourced CIO solutions. Together with its affiliates, the Asset Management business has capital commitments and managed assets of approximately $11.4 billion. Founded in 2006 and with more than 400 employees, Perella Weinberg Partners maintains offices in New York, London, Abu Dhabi, Denver, Dubai, and San Francisco. For more information on Perella Weinberg Partners, please visit http://www.pwpartners.com.