Brightstar, Lindsay Goldberg spinout, targets $750 mln for debut fund

Brightstar Capital Partners, launched by former Lindsay Goldberg Partner Andrew Weinberg, has raised at least $224.3 million on a $750 million target for its debut fund, according to a person with knowledge of the firm, as well as Brightstar’s Form ADV.

Brightstar filed a Form D fundraising document last year but did not indicate a target. It’s not clear whether the firm has held a first close on Fund I. Eaton Partners is placement agent on the fundraising.

Weinberg launched Brightstar in 2015 after he left Lindsay Goldberg. He is the owner and managing partner of the firm, the Form ADV said. He formed Brightstar along with four affiliate partners from Lindsay Goldberg, who are now senior partners at Brightstar. The firm has a total of six senior partners, who are “integral” to Brightstar’s business, providing operational experience and mentoring to management teams, the Form ADV said.

Other senior executives at Brightstar include Partner Renee Noto and managing directors Matthew Allard and Paul Ferguson.

Weinberg worked at Lindsay Goldberg from 2003 to 2015. He also worked at Goldman Sachs and Morgan Stanley earlier in his career, his biography on Brightstar’s website shows.

Brightstar targets middle-market companies, primarily in business services, industrial services and consumer. The firm invests $50 million to $250 million in companies primarily in the U.S. and Canada, the Form ADV says.

Last year, Brightstar acquired a majority stake in Global Resale LLC in partnership with the company’s founder and chief executive, Jeff Zeigler. Brightstar committed an initial $50 million to the provider of aftermarket services and reverse logistics, which focuses on the resale, buyback and disposition of tech devices.

Action Item: Read Brightstar’s Form ADV: http://bit.ly/2oYkBIW

Andrew Weinberg, owner and managing partner of Brightstar Capital. Photo courtesy of the firm.