Mill Point Capital has closed its debut vehicle on $450 million, becoming the latest of several new private equity firms in the US to capitalize on last year's fundraising frenzy and raise maiden funds during the first half of 2018.
Mill Point was founded by Michael Duran, who previously spent 13 years at Ripplewood Holdings, a former investor in
Hostess Brands. His new firm is based in New York and will operate in the middle market, pursuing control investments in the business services and industrial sectors.
The overall fundraising climate in the US has definitely cooled. Numbers are way down for the first five months of 2018—capital raised for US buyout funds is on pace
to decline by more than 50% from last year's lofty total, per the PitchBook Platform. But several first-time fundraisers are still making waves.
Here's a look at five of the biggest, with a more detailed breakdown of these fresh faces beneath the chart:
Brightstar Capital Partners
Brightstar was founded by Andrew Weinberg, a former partner at
Lindsay Goldberg. The firm plans to use its $710 million debut fund to make control investments across the North American middle market. It will target capital commitments of between $50 million and $250 million to portfolio companies throughout the life of its investments. Brightstar has already used the vehicle to back two different businesses based in Texas.
Co-founders Nav Rahemtulla and Adam Stein, two original members of the private equity group at
Ares Management, wrapped up their first effort at
LightBay with $615 million in commitments, exceeding a $450 million target after eight months of fundraising. LightBay will use the cash to make investments of between $25 million and $150 million in the consumer, healthcare and business services sectors.
Nonantum Capital Partners
Nonantum was launched earlier this year by a group with roots in Boston, including two former senior investors at
Charlesbank Capital Partners and a one-time managing director at
Bain Capital. The firm will primarily use its first fund—which raised $350 million from LPs and garnered another $35 million or so from its founders and affiliates—to back family- and founder-owned businesses, targeting investments of up to $75 million.
Liberty Hall Capital Partners
It's all about the air at Liberty Hall, as the firm focuses on middle-market investments in the aerospace and defense industries across North America and Europe. One of its two founders is an alumnus of
Oak Hill Capital Partners, and the other is a former senior executive at
United Airlines. The firm's new $226.5 million fund is seeking investments that will total $50 million to $150 million over time.
Monogram Capital Partners
The second Los Angeles-based firm on our list,
Monogram is active on a slightly smaller scale than the other firms on this list, targeting deals with $5 million to $30 million in equity. The firm invests solely in the consumer and retail sectors. Its co-founders are
Leonard Green & Partners alum Oliver Nordlinger and former
Golden Gate Capital executive Jared Stein.