Los Angeles-based private equity firm Brentwood Associates has closed its new opportunities fund at $190 million. The fund’s investors include Spring Bridge Partners and Hollyport Capital. PJT Partners served as financial advisor to Brentwood on the fundraising while Kirkland & Ellis provided legal advice. Brentwood invests in middle-market growth-oriented consumer and technology-enabled business services companies.
PRESS RELEASE
LOS ANGELES–(BUSINESS WIRE)–Brentwood Associates (“Brentwood”), a Los Angeles-based private equity firm, announced the successful completion of Brentwood Associates Opportunities Fund, L.P. The fund is comprised of $190 million in capital commitments, which completed the purchase of selected legacy assets from two of Brentwood’s prior funds and provided liquidity to its investors.
The transaction, which was led by Spring Bridge Partners, with significant backing from Hollyport Capital and other institutional investors, provides capital and additional flexibility to support the growth of the portfolio companies included in the transaction.
“We are excited to partner with these highly respected and experienced institutional investors in a structured transaction that allows us to provide a liquidity option to our limited partner investors, who patiently supported the growth and development of these portfolio companies,” said Bill Barnum, partner at Brentwood Associates.
Eric Reiter, partner at Brentwood Associates, added, “The completion of the Fund will enable us to continue to support our management teams and execute on the well-defined expansion plans at our portfolio companies. While our portfolio companies have achieved significant growth and operational milestones, the additional capital and the Fund’s patient investor base will allow us to reinvest in growth and maximize returns for our new investors.”
Luca Salvato, Managing Partner at Spring Bridge Partners, commented, “We are looking forward to our partnership with Brentwood and its portfolio companies in maximizing long-term value for all parties involved.” Sebastien Burdel, his co-Managing Partner, added, “Spring Bridge continues to establish itself as the partner of choice for GPs in the middle-market seeking creative capital solutions and we are proud to partner with Brentwood around this opportunity.”
PJT Partners served as exclusive financial advisor, and Kirkland & Ellis served as legal advisor to Brentwood. Kirkland & Ellis also served as legal advisor to Spring Bridge Partners.
ABOUT BRENTWOOD ASSOCIATES
Brentwood Associates is a Los Angeles-based private equity investment firm with a 30+ year history of investing in middle-market growth-oriented consumer and technology-enabled business services companies. The firm’s assets under management exceed $2.5 billion. Since 1984, Brentwood’s dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. Brentwood is a value-added partner for entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
ABOUT SPRING BRIDGE PARTNERS
Spring Bridge Partners is a New York and London-based specialist investment firm focused on partnering with high performing private equity managers looking to deliver bespoke liquidity solutions to their existing stakeholders.
ABOUT HOLLYPORT CAPITAL
Hollyport Capital is a specialist secondaries investor based in London and New York with over $2 billion in assets under management. Founded in 2007 and currently investing its seventh fund, the firm focuses on the acquisition of legacy private equity assets in the secondary market.
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