Woodside Seeks First-Time Institutional Money

Firm: Woodside Capital Partners

Fund: Woodside Capital Partners V LP

Target: $80 million to $100 million

Woodside Capital Partners is nearing a first close on its fifth buyout fund—its first to consider using money from institutional investors, a source familiar with the situation told Buyouts.

Targeting between $80 million and $100 million for Woodside Capital Partners V LP, the Connecticut-based firm has so far received commitments from wealthy individuals who committed to previous funds. Woodside Capital is evaluating placement agents to assist in rounding up the remaining capital, which it may collect from institutional investors, a first for the firm, according to our source. The fifth fund is a successor to an $80 million vehicle closed in 2005.

A first close is set to take place in two to three weeks, according to our source. Woodside Capital expects to close on the remainder in late 2008.

The firm, founded by investor Scott Schooley, grew out of the success of his fundless shop, Blackstone Cable. Woodside Capital makes investments of between $2 million and $20 million in distressed companies generating revenues between $15 million and $150 million. In addition, the firm buys distressed syndicated loans.

Woodside Capital is not associated with the San Francisco-based boutique investment banking firm of the same name.—E.G.