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Sheiner’s Altas Partners eyes $500 mln second close for debut fund

  • Firm: Altas Partners
  • Fund: Altas Partners Holdings
  • Target: $600 mln
  • Amount Raised: $356 mln
  • Placement Agent: Park Hill Group

Altas Partners held a first close on $356 million for its debut fund and will likely hold a second close this year, according to a person with knowledge of the fundraising.

The firm, launched by Andrew Sheiner, a former managing director for Onex Corp, could hold a second close on more than $500 million in December, the person said. Altas is targeting $600 million for its first fund.

Sheiner declined to comment.

Altas filed a Form D with the SEC on October 23 reporting it raised $356 million from 13 investors. The firm launched its debut fund earlier this year.

Park Hill Group is working as placement agent on the fundraising.

Altas, which has been investing deal-by-deal since launching, can own companies for longer than the typical three to seven years of a traditional buyout fund, Buyouts previously reported.

Sheiner, who spent 17 years at Canadian buyout shop Onex Corp, launched Altas in 2012. The firm has invested about $1 billion in three companies using capital from select institutional investors.

The firm targets equity investments between $100 million to $500 million and prefers to take majority stakes, according to its website.

Besides Sheiner, other Atlas senior executives include Partner and CFO Paul Nicoletti, who was formerly CFO at Celestica Inc; Partner Christopher McElhone, formerly director of business transformation at Husky Injection Molding Systems; and Partner Scott Werry, who previously worked at Providence Equity Partners.

Action Item: See Altas’s Form D filing here: http://1.usa.gov/1RZa6ds