Sansone is grateful to investor base as Paceline Equity Partners closes its first fund

From our Women's PE Briefs - week commencing June 7, 2021

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Heritas Capital announces a $60M first close of its third private equity fund

Heritas Capital, whose head of private equity is Charis Goh, holds a first close on its third private equity fund. The Singapore firm said it has raised $60 million for a fund targeted at $150 million. The Pan-Asia impact fund will focus on high impact sectors within health care, education and technology. Heritas said it will seek to back 10 to 15 emerging Asian companies – investing from $5 million to $20 million.

Charis, who has been with Heritas since 2016, is on the boards of Cakap, BHL Education, and Timberland Medical Centre.

Heritas is also said to be raising its second venture fund. Janet Chia is the firm’s head of venture capital.

Sansone is grateful to investor base as Paceline Equity Partners closes its first fund

Paceline Equity Partners, whose chief investment officer is Leigh Sansone, closes its first fund. The Dallas firm raised $350 million. It has also raised and manages $64 million of third-party equity capital to invest alongside deployments from Fund 1, giving it a total of $449 million.

Paceline is focused on value-oriented, opportunistic and special situations investments across corporate credit, real assets and private equity. It has to date done five acquisitions, totaling approximately $300 million of transaction value. The transactions are: Quick Fitting Holding Company, LLC, a manufacturer and supplier of connection and fitting devices; R.E.L.A.M., Inc., a lessor of railroad maintenance-of-way equipment, which it combined with another portfolio company, 1435 Rail, Inc.; a Sheraton Hotel in Needham, Mass., and a retail cooperative space in Manhattan’s Soho neighborhood.

In a statement, Leigh said, “the cohesive system of sourcing, underwriting and asset management that we have built at Paceline allows us to maintain a competitive advantage in our opportunity set. We are grateful to our investor base and are highly motivated to continue our work in delivering excellent results on their behalf.”

A founding partner at Paceline, Leigh was previously chief investment officer – credit at Hudson Advisors, L.P., an asset management affiliate of Lone Star Funds.

Glover-led Local Initiatives Support Corporation closes its Black Economic Development Fund at $250M

Local Initiatives Support Corporation, whose president and CEO is Lisa Glover, closes a new fund to invest in Black-led banks, anchor institutions, businesses and real estate developers. LISC said the Black Economic Development Fund reached its $250 million goal. The capital came from 11 public and private corporations, including Netflix, Paypal, Costco, Square, Inc., Aflac, Wayfair, DuPont, ThermoFisher, HubSpot, Dicks Sporting Goods and McKinsey and Company.

The BEDF has made five investments to date and expects to make as many as 20 more by year end. The investments include Optus Bank in Columbia, S.C.; Unity National Bank in Houston; Dantes Partners in Washington, D.C.; Bridging the Gap in Pittsburgh; and Phoenix Adams Rising in Jacksonville, Fla.

In a statement, Lisa said that all five transactions “illustrate the power of inclusive investing. They fuel Black-led businesses and benefit communities of color, and they also contribute to the broader landscape of regional economic opportunity by catalyzing jobs, local income, commercial activity and quality-of-life gains. They are helping build a broadly shared prosperity, well beyond the individual activities supported by each investment.”

Lisa is a former executive vice president at U.S. Bank, retiring in March 2020. The fund is part of LISC’s Project 10X, a $1 billion strategy to address racial gaps in health, wealth and opportunity.

Keystone Capital raises an institutional fund that Jin will be involved in deploying

Twenty-seven years after its founding, Keystone Capital has raised its first institutional fund – a fund that managing director Chaoran Jin will be involved in deploying. The Chicago private equity firm closed the fund at $420 million, with the firm’s principals collectively representing the largest single investor.

During its existence, Keystone has completed more than 110 acquisitions across a wide range of sectors. The firm has used the new fund to acquire two companies: Inspire11 and ClearWater Solutions.

Chaoran, who joined the firm in 2009, recently had portfolio company Peak-Ryzex, Inc. acquired by Sole Source Capital, LLC. Peak-Ryzex’s CEO is Juliann Larimer. Chaoran’s investments also include Hometown Foods USA and Nature’s Soy.

Klitting oversees Five Arrows Private Equity Programme closing a new fund

Five Arrows Private Equity Programme, whose managing partner is Mireille Klitting, closes a new fund. FAPEP II closed at 366 million euros, well above its 250 million euros target. It is investing in well-established fund managers and a selection of companies through late primaries, secondary directs and direct co-investments. The fund already is 67 percent committed across 30 investments in Europe and the United States.

In a statement, Mireille said, “we have seen increasing demand from our investors who wish to gain access to top quartile sponsors in Europe and the US. They also appreciate our responsible investing principles centered around capital preservation and providing attractive risk-adjusted returns combined with a focus on the development of a sustainable economy.”

Mireille has been with Five Arrows since 2011 and is a committee member of all its funds. Five Arrows is Rothschild & Co.’s Merchant Banking business. It now has 16 billion euros under management across four strategies: corporate private equity; senior and junior credit; primary and secondary fund investing; and co-investments.

Gaw sees Gaw Gapital Partners close its first co-mingled growth fund

Gaw Capital Partners, whose co-chair of alternative investments is managing principal Christina Gaw, closed its first co-mingled growth equity fund. The Hong Kong real estate private equity firm raised $332 million. It said approximately one-third of the Pan-Asia fund is already committed.

In a statement, Christina said the commitment by institutional investors to the fund “reflects their readiness to allocate more of their capital towards proptech and ESG related investments, given the attractive market opportunity and rapid growth of the sector.”

Gaw Capital’s proptech investments include Ziroom, a Chinese co-living space company; Tencent Trusted Doctors, an online-offline medical service provider in China; and Beike, an integrated online and offline housing transaction and service platform in China that went public on the New York Stock Exchange in August.

Last year, Gaw raised $900 million for two investment vehicles. One of the funds invests in real estate opportunities across Asia while the second invests in educational platforms in major Asian cities.

Gaw Capital’s investment team also includes managing directors Isabella Lo, Imelda Tham and Valerie Yip, who is co-head of Gaw Capital USA.

Earlier this year, a special purpose acquisition company co-founded by Christina, Gateway Strategy Acquisition, filed to go public on the New York Stock Exchange.

Trucks Venture Capital raises $52M for its second early-stage fund

Trucks Venture Capital, whose team includes general partner Kathryn Schox, motors to a fund closing. The transportation-focused venture firm raised $52 million for its second early-stage fund, according to Axios Pro Rata. The firm, according to the publication, also raised an undisclosed amount for its first growth fund.

Kathryn is one of three general partners at the firm. Investments that she’s led include Wise Systems, Bear Flag Robotics, Gatik and ChargerHelp!, which was co-founded by Kameale C. Terry and Evette Ellis to provide repair services to electric vehicle charging stations. Prior to Trucks, Kathryn was chief operating officer of Schox PLC, where she managed the law practice’s business side.

Tran sees Version One Ventures close two new funds

Version One Ventures, whose two-person investment team includes general partner Angela Tran, closes two new funds. The San Francisco and Vancouver, BC venture firm raised $70 million for its fourth early-stage fund and $30 million for its second opportunities fund. It closed its third early-stage fund in 2018 at 57 million Canadian ($47 million) and last year closed its first opportunity fund at 25 million Canadian ($20.6 million). The opportunity funds are used to invest in later-stage companies that are both in and out of its portfolio.

Version One was founded by its other general partner, Boris Wertz. Angela joined Version One in 2013 after co-launching Insight Data Science, which is designed to help PhDs transition from academic research to careers in industry via a six-week training program. Angela, herself, holds a doctorate in operations research and financial engineering from the University of Toronto. Earlier this year she led Version One into Preemadonna, a home manicure device company founded and led by Pree Walia.

Valverde’s SV Latam Capital closes its second fund

SV Latam Capital, whose founder and managing partner is Consuelo Valverde, closes its second fund. The San Francisco venture firm said it raised $22 million from a group that includes Lowercase Capital’s Crystal Sacca and her husband, Chris Sacca, as well as PayPal, IPG and The Julian Grace Foundation.

SVLC focuses on backing tech and science startups that are good for people and the planet. It seeks to invest in entrepreneurs who are committed to solving massive challenges such as mitigating climate change, reducing world hunger, discovering new treatments to chronic and age-related diseases, boosting financial inclusion and strengthening SMBs in emerging markets.

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