Westview Capital Partners Crosses First Close Line

Westview Capital Partners has held a first close on just over $248 million toward its second fund, a source familiar with the situation said. The firm will then hold a final close on $300 million in late Q1. The fund, Westview Capital Partners II LP, has a hard cap of $325 million.

If this sounds familiar, it’s because I just filed a fundraising story on West Hill Partners. The names are similar, but other than their shared location (Boston), West Hill Partners and Westview Capital Partners are unrelated.

Westview came to market just as the fundraising market began to slide in September. Probitas Partners, which declined to comment, is acting as the group’s placement agent.

So to recap:

Story 1: West Hill Partners – First-time fund. Based in Boston. Former J.W. Childs pros. Target is $500 million. Pre-first close. Placement agent is Park Hill.
Story 2: Westview Capital Partners – Second fund. Based in Boston. Co-founder is from Weston Presidio. Target is $300 million. Had first close on around $250 million. Placement agent is Probitas Partners.

On with the story.

Westview Capital Partners was founded in 2004 by Managing Partners Carlo A. von Schroeter, formerly of Weston Presidio, and Richard J. Williams, formerly of Tudor Investment Corporation’s private equity group. The firm invests in a wide array of industries, and past deals include Titan Fitness, the owner of Gold’s Gyms, SpectorSoft, a maker of PC monitoring and surveillance software, and Radiac Abrasives, a manufacturer of bonded abrasive and super abrasive grinding wheels.

The firm has exited a few investments from its first fund, which was a $195 million pool that closed in 2005. In 2007, the firm sold Executive Health Resources, clinical revenue cycle management and staffing services provider, to Abry Partners. In June, the firm recapped its investment in Providea Inc., provider of video conferencing solutions and managed services.

Firm website