Raising a new fund over the past two years has been hard. Raising a first-time fund has been even harder. And raising a first-time fund formed just before the Lehman Brothers meltdown has been harder still.
That’s the uphill battle faced by Staley Capital, a Boston-area firm formed in August 2008 to focus on the business services space. Staley put its formal fundraising plans on hold, and used a special purpose vehicle to invest an undisclosed amount in Chicago-based marketing agency Aspen Marketing Services.
It resumed fundraising last year with a $100 million target, and peHUB has learned that the firm recently held a $21 million first close from high-net-worth individuals (technically held the close on St. Patrick’s Day). A source says that fundraising continues, although acknowledges that the target remains a long way off.
The Staley team is led by Renny Smith, a former Thomas H. Lee Partners investor who helped co-found the firm’s VC effort TH Lee Putnam Ventures. Other partners include Jay Crystal (former associate with American Capital Strategies), Snantanu Dhaka (former Jefferies analyst) and Amit Basak (ex-Insight Venture Partners and J.H. Whitney)