Gateway Capital, Hines, Sageview Capital and Lowercarbon Capital close funds
From our Women's PE Briefs - week commencing August 16, 2021
Dana Guthrie-led Gateway Capital closes its first fund
Gateway Capital, whose managing partner is Dana Guthrie, has closed its first fund – a fund that will invest in pre-revenue start-ups in the Greater Milwaukee area. The firm, which was formed last fall, raised $12.5 million, besting its $8 million target. Dana was chosen last fall to lead the fund. She is the founder of Alchemy Angel Investors in Milwaukee and also spent a dozen years in software product development at Johnson Controls. Gateway is part of the Badger Fund of Funds program which the state of Wisconsin established in 2013 with $25 million.
The Badger program supplies a certain percentage of capital to new funds and the rest of the capital is raised from private investors. It invested $5 million into Gateway. Other investors in Gateway include Johnson Financial Group, West Bend, Greater Milwaukee Foundation, Bader Philanthropies and Northwestern Mutual, which invested through its $100 million Impact Investing Fund., which will direct investments to Black and African American communities nationally and locally in the Milwaukee area. Gateway’s investment committee includes Jill Schwieters, a health care and business executive.
Hines holds a first close on a new fund that Adriana de Alcantara will lead
Real estate firm Hines holds a first close on a new fund that Adriana de Alcantara will lead. Houston-based Hines said its secured $750 million in investor commitments - $100 million of which it provided – giving it more than $1.2 billion of immediate investment capacity. The fund, Hines U.S. Property Partners, is an open-ended, diversified fund targeting next-generation assets in top-performing submarkets in major U.S. markets. The fund’s strategy is to “buy, create, and manage to core” through research-driven portfolio construction, smarter submarket and sector selection, vertically integrated value creation, and product designed for future demand. HUSPP expects to invest across the living, industrial, office and mixed-use sectors, as well as select niche sectors, such as life sciences and self-storage, to construct a diversified portfolio that targets a balance of yield and growth. The open-ended fund will continuously raise capital with the goal of becoming a multi-billion-dollar institutional fund.
In a statement, Adriana said, “we are grateful for the support that we have received from our initial investors. As we continue to set strategies and invest on behalf of the fund, we will utilize our core strengths – global reach, operational expertise and vertically integrated management capabilities – that have served our investors throughout our firm’s history.”
Adriana joined Hines early last year after being a managing director, senior portfolio manager at Nuveen Real Estate. She will speak at the Women’s Private Equity Summit. Founded in 1957, Hines has a presence in 240 cities in 27 countries. It oversees a portfolio of assets under management valued at approximately $160.9 billion.
Amanda Stewart helps Sageview Capital close a new $710M fund
Sageview Capital, whose director of investor relations and marketing is Amanda Stewart, closes a new fund – a fund that vice president Caitlin Vorlicek will be involved in deploying. The Greenwich, Conn. and Palo Alto, Calif. software and technology-focused firm closed its third fund at $710 million, exceeding its $600 million target. Sageview said 25 percent of the fund has already been invested in six companies: Drivewyze, CallRail, Carewell, Pax8, Specright and XSELL Technologies.
Caitlin, who joined Sageview earlier this year, is involved with Carewell and Specright. She previously led the partnership and corporate development efforts at Sifted. Her background also includes time with Summit Partners.
Sageview’s team also includes associates Juliet Zou and Winnie Tsao.
Crystal Sacca’s Lowercarbon Capital raises $800M
Lowercarbon Capital, which was co-founded by Crystal Sacca, raises fresh capital. In a blog post, Crystal’s husband and Lowercarbon co-founder, Chris Sacca, said the firm landed $800 million after a “few days.” Lowercarbon is focused on backing companies that are seeking to help reverse climate change.