Kevin Dowd September 06, 2016
It’s been nearly two and a half years since Jordan Zaken and Stan Parker were part of an exodus from the private equity practice at Apollo Global Management, shortly after the firm closed an $18.4 billion vehicle that truly earned the “mega-fund” moniker. Now, Zaken and Parker's new firm, Gamut Capital Management, is nearing a close on $1 billion for its first buyout fund, according to The Wall Street Journal—a rare cache of capital to be raised for a debut vehicle.
That figure also exceeds the $750 million that Zaken and Parker originally sought for the fund, according to an SEC filing from December.
According to its website, Gamut has “an extremely flexible mandate” to make varying investments in a ... gamut ... of industries. A Bloomberg report from last year indicated the firm would echo Apollo’s typical strategy of acquiring debt during market downturns and pursuing buyouts during more favorable conditions, with a particular focus on under-financed industries such as coal and mining.
One of Gamut’s closest recent analogs may be Searchlight Capital Partners, a firm founded earlier this decade by former executives from KKR, Apollo and the Ontario Teachers’ Pension Plan. Searchlight raised more than $860 million for its debut fund in 2012 and more than doubled that for its successor, Searchlight Capital II, which closed on over $1.93 billion in late 2015.
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