True Beauty Ventures, co-led by Cristina Nuñez, closes its debut fund

From our Women's PE Briefs - week commencing August 2, 2021

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True Beauty Ventures, L.P., a beauty and wellness-dedicated fund co-led by Cristina Nuñez, closes its debut fund.

The Miami and New York firm raised $42 million. It had gone out with a $30 million target. Cristina founded True Beauty with Rich Gersten, a former partner at Tengram Capital, L Catterton and North Castle Partners. Cristina also held roles at Tengram and L Catterton, as well as leadership positions at Clark’s Botanicals and Laura Geller Beauty. True Beauty’s investments include Kinship, clean Gen Z skin care; Feals, premium DTC CBC; Crown Affair, luxury ritual-based hair care; maude, a modern intimacy brand founded by Éva Goicochea; and AQUIS and K18 Hair, science-based hair care co-founded by Britta Cox. In a statement, Cristina said she is “proud that our firm is majority female and over 80 percent of our current partner brands have women or minority founders."

Blue Owl closes a new fund that Nicole Drapkin will co-head.

The New York alternative asset manager closed its Owl Rock Opportunistic Fund with aggregate capital commitments of $2 billion. All told, the strategy will have $2.5 billion of investable capital, including anticipated leverage. Blue Owl will use the fund to provide directly originated investment opportunities across a broad range of debt and equity instruments, which may include rescue financings, recapitalizations, wedge capital, DIP loans and broken syndications. Nicole leads the strategy with Jesse Huff. In a statement, she said, “this strategy is a natural evolution of our range of credit-oriented investment offerings and enables us to pursue a more comprehensive opportunity set on behalf of our investors. In today's fast-moving markets, sponsors and management teams appear to be increasingly prioritizing access to private, nimble capital solutions as a competitive advantage, resulting in our team being able to deploy capital into a range of structured solutions that can offer the potential for compelling returns and downside protection.” Nicole has spoken at the Women’s Alternative Investment Summit and will speak at the Women’s Private Equity Summit. Blue Owl provides direct lending and GP capital solutions strategies through a variety of vehicles. It is comprised of Dyal Capital and Owl Rock and had approximately $52.5 billion of assets under management as of March 31.

Fonds de solidarité FTQ, whose vice president, investments – life sciences is Geneviève Guertin and the Ontario Capital Growth Corporation, whose chief investment officer is Brenda Hogan, are among those investing in Lumira Ventures’ new fund – a fund that Jacki Jenuth will be involved in deploying.

Lumira raised $255 million for its fourth fund. Other LPs include Kensington Capital Partners, Northleaf Capital Partners, Caisse de dépôt et placement du Québec, the Business Development Bank of Canada, Teralys Capital, the Ontario Capital Growth Corporation, Royal Bank of Canada, Investissement Québec, Fondaction, Alexandria Venture Investments, Angelini Pharma, China Grand Pharmaceutical and Healthcare Holdings, Vancity and Amana Global Partners. It will continue to focus on backing biotech and medtech companies in Canada and the United States. During the past eight months, Lumira completed eight exit transactions and two of its portfolio companies received FDA new product approvals. Jackie is a partner and chief operating officer. Her investments include KalGene Pharmaceuticals. Lumira has offices in Toronto, Montreal, Vancouver and Boston.

Moderne Ventures, whose team includes Founder and Managing Partner Constance Freedman and Partner Liza Benson, closes it second fund – a fund that is six times as large as its debut fund. 

The real estate-oriented venture firm raised $200 million, a big step up from the $33 million it raised in 2017. The firm’s strategic partners include AvalonBay Communities, Camden Property Trust, Greystar, JBG Smith, Oaktree Capital Management and Realogy. It has, to date, invested in more than 100 companies, five of which have obtained valuations of more than $1 billion. The firm has used the new fund to make seven investments. Companies backed by Moderne gain access to the firm’s 400-plus network of executives and corporate leaders. Constance is a past speaker at the Women’s Private Equity Summit and Liza has spoken at the Women’s Alternative Investment Summit and will speak at the upcoming Women’s Private Capital Summit. Moderne’s team also includes Lindsay Hyde, who is an entrepreneur in residence.     

CVC Credit Partners, whose Global Head of Performing Credit is Gretchen Bergstresser, prices its new collateralized loan obligation fund of 2021. 

The fund totaled $508 million and increased assets under management to $29 billion. In a statement, Gretchen said, “2021 is seeing considerable market activity and global demand and we are pleased to maintain our position as a leading market player. We expect these positive market trends to continue in the short to medium term and plan to continue to capitalize on the demand we are experiencing."

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