Butterfly collects $1bn for second fund

• Together with its previous fund and co-investments, Butterfly has nearly $4 billion of assets under management
• UBS served as placement agent for the fund while Kirkland & Ellis LLP served as legal counsel
• Butterfly was launched in 2016 by Adam Waglay, a former KKR executive, and Dustin Beck, a former Vista Equity Partners executive

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, has closed its sophomore fund at $1 billion.

The fund’s limited partners include institutional investors, family offices, entrepreneurs, and food investors.

Together with its previous fund and co-investments, Butterfly has nearly $4 billion of assets under management.

The announcement comes on the heels of Butterfly agreeing to acquire QDOBA from Apollo Global Management and merge it with its existing brands to form a fast casual restaurant platform in North America with nearly 800 restaurants.

Launched in 2016 by Adam Waglay, a former KKR executive, and Dustin Beck, a former Vista Equity Partners and Riot Games executive, Butterfly invests in vital and innovative food companies spanning the entire value chain from “seed to fork.”

“We are beyond excited to announce the closing of this sophomore fund and are overwhelmed by and thankful for the receptivity and support we have received from our investors and their confidence in our team” said Adam Waglay, co-founder and co-CEO of Butterfly, in a statement. “When we launched Butterfly, we knew the opportunity for a specialized focus in the food sector across the seed to fork spectrum was significant, but it has far surpassed what we expected in many ways, and this is just the beginning.”

UBS served as placement agent, and Kirkland & Ellis LLP served as legal counsel.