Firm: Aequitas Capital
Fund: Aequitas Capital Opportunities Fund
Target: $100 mln
Amount raised: $102 mln
While Aequitas Capital has raised credit funds in the past, including Aequitas Income Opportunity Fund I and II, the 21-year old Oswego, Oregon-based firm is now investing from its first buyout pool. It’s got six portfolio companies in its stable and a deal for a seventh pending.
Aequitas disclosed $102 million in commitments from 57 investors for Aequitas Capital Opportunities Fund, according to a May 1 filing. Buyouts reported last year the firm was targeting $100 million for the fund. It’s not clear if Fund I held a final close or is still in the market.
Craig Froude, executive vice president and managing principal at the firm, declined to talk about fundraising, but said the firm continues to sift for deals. While Aequitas focuses on healthcare, education and financial technology services providers, Froude emphasized the opportunities in the latter of the three deal types.
Online lending, peer-to-peer payments and mobile transactions are changing the relationship between customers and banks. Just as electronic record keeping transformed the healthcare business, financial technology will offer deal opportunities as it impacts commerce, he said.
“There’s a tremendous revolution going on,” he said.
Aequitas specializes in credit deals with no equity; equity deals with no credit, and a blend of both. For example, it works with portfolio company CarePayment to offer a 0 percent line of credit available to patients for financing medical expenses, while providing advance funding of receivables.
Along with CarePayment, Aequitas Capital’s other portfolio companies include Unigo, QuarterSpot, Summit Advisors, Motolease and ETC.
In February, Aequitas Capital adding four new regional directors: Todd Nelson, James Kenney, Whit Whitehouse and Bill Hennessey.
Last October, it named Brian Rice executive vice president and partner and president of Aequitas wealth management unit.
In September, Aequitas Capital hired Thomas Goila as senior managing director. He worked at Goldman Sachs previously and now runs the credit group for the firm.