Capital Z Investment Partners and Reservoir Capital Group are forming a joint venture to collaborate on new fund sponsorships and related co-investment opportunities in the global private equity market.
The jointly owned company will be responsible for advising CZIP on the monitoring of its existing portfolio of private equity-related investments in two funds, CZI I and CZI II. It will also advise CZIP on new fund investments for CZI II and will consult with Reservoir on sponsorships and co-investment opportunities.
The new company will be headed by CZIP chairman and CEO Laurence Cheng, and managed by partners Spencer Greenwald in New York, Harlan Zimmerman in London and Vincent Fan in Hong Kong. Marc Schwartz will manage the relationship for Reservoir.
“This is a great strategic fit that benefits our investors, our portfolio companies and our two firms. We have known and co-invested with Reservoir for several years,” Cheng said.
Dan Stern, CEO of Reservoir, said the agreement would expand Reservoir’s access to partnering opportunities, particularly outside the United States.
“Reservoir also hopes that this alliance will provide our opportunistic investment funds with attractive co-investment opportunities from CZIP’s existing global portfolio of private equity investments,” said Craig Huff, president of Reservoir.
Capital Z Investment Partners is a US$2.25bn investment firm focused on investments in private equity funds and hedge funds. It has sponsored 15 private equity funds in the US, Europe and Asia. Sponsored strategies include buyouts, growth capital, structured equity, mezzanine, distressed investment and venture capital. CZIP’s hedge fund team is not part of this joint venture.
Reservoir Capital is an opportunistic hybrid investment firm with more than US$2bn under management.