Rosemont Investment Seeks $150 Mln for Third Fund

Rosemont Investment Partners is fundraising for its third pool, two sources say.

West Conshohocken, Pa.-based Rosemont has a $150 million target for Rosemont Partners III L.P., the people say. The PE firm has so far raised $41.6 million, according to a March 1 SEC filing.

Rosemont launched the fundraising in 2010, one person says. Rosemont invests in asset management firms. It typically puts in between $3 million to $20 million in deals that result in stakes of 15% to 50%. In 2011, the PE firm agreed to buy a 30% stake in Piedmont Investment Advisors, an asset manager with about $3.5 billion in assets under management. (That deal did close, a Piedmont spokesman says.)

In 2010, Rosemont launched Balentine, a wealth advisor firm and recapped SouthernSun Asset Management, an investment management firm. Rosemont also completed two exits in 2010, including the sale of its stake in Perimeter Capital back to management and the refinancing of a mezzanine note for Cadence Capital, according to a firm newsletter from 2011.

It’s been several years since Rosemont has been marketing. The firm’s last fund came in 2005 when Rosemont raised $130 million for its second fund. In 2000, Rosemont collected $38 million for its first fund.

Rosemont did not return calls for comment.