T-street Capital has raised $75 million for a new fund. The limited partners of T-street Opportunity Fund include Committed Advisors and Timber Bay Partners. T-street invests in lower-middle market companies based in North America.
NEW YORK, June 18, 2019 /PRNewswire/ — T-street Capital, LLC (“T-street”) announced today that it has completed the spinout of a private equity portfolio from a well-established publicly traded commercial bank. T-street acquired the private equity holdings from the bank’s affiliated small business investment company fund and raised a new $75.0 million committed fund to continue its focus on growth equity investments. Dale L. Cheney, one of the managing partners of the bank’s small business investment company fund, will continue as the managing general partner of T-street Opportunity Fund I, L.P. (“Fund I”).
The Limited Partners in Fund I are led by sophisticated institutional investors, Committed Advisors and Timber Bay Partners. Mr. Cheney commented, “We are grateful for the strong support from our investor base and look forward to delivering strong returns as we grow the portfolio.”
T-street will continue the strategy of providing a flexible and tailored equity solution to high-growth, entrepreneur-owned companies in the consumer products and specialty manufacturing sectors. Mr. Cheney further commented, “We prefer to work with entrepreneurs because they have tremendous passion and great vision. Every successful entrepreneur has a unique story that we admire, and we can be supportive in building a platform for accelerated expansion without compromising the core values of the company.”
Mr. Cheney began his career at Goldman Sachs after completing his MBA at Harvard Business School. Following his career at Goldman, he was an investment professional at Citicorp Venture Capital where he also served as interim Chief Executive Officer of a distressed portfolio company and successfully executed a turnaround. Mr. Cheney launched the bank’s private equity fund in 2016 now preceded by T-street.
About T-street Capital
T-street is an independent growth equity firm that works in partnership with founders and management teams to grow their businesses through a combination of capital investment, acquisitions, and other opportunistic and strategic initiatives. We can do both minority and control investments in lower middle market companies based in North America. We focus on three sectors: consumer products, food & beverage, and specialty manufacturing. We generally look for platform companies with EBITDA of $3 million to $15 million. For more information, please visit our website at www.t-street.com.
About Committed Advisors
Committed Advisors is an independent private equity firm with over USD 3.0 billion of discretionary committed capital under management focused on secondaries, co-investments and primaries. Founded in 2010, the firm is headquartered in Paris with affiliate offices in New York and Singapore. The team has completed in excess of 100 transactions over the last 9 years, providing a broad range of solutions to investors and general partners seeking liquidity or new options for their private equity assets. To learn more, please visit www.committedadvisors.com.
About Timber Bay Partners
Timber Bay Partners is an independent private equity firm focused on GP-led secondary transactions. Founded in 2016 and headquartered in Cincinnati, OH, the firm’s investment professionals have worked with general partners for more than a decade to structure unique and creative solutions to liquidity issues faced by mature private equity funds. Timber Bay Partners manages $135 million of committed capital as of March 31, 2019. For more information about Timber Bay Partners, visit www.timberbaypartners.com.