Firm: Carousel Capital
Fund: Carousel Capital III LP
Target: $300 million
Amount Raised: $210 million
Placement Agent: Benedetto Gartland & Co.
“This has been a very, very good market for Steve Schwarzman,” said a source with knowledge of the firm. “But for people trying to break into the broad institutional market for the first time it’s just tough to get a share because people are so busy doing other things. They’re a terrific group; they just hit some trouble.”
Carousel Capital raised its prior two vehicles mainly from wealthy investors and business executives living in the southeastern United States, where the firm makes its investments. The firm began raising
With its fresh money Carousel Capital plans to invest $10 million to $30 million in equity in companies generating EBITDA of between $3 million and $15 million. The firm focuses on businesses services firms, health care services companies and some consumer product manufacturers. Recent acquisitions include Jameson, a South Carolina-based manufacturer of tools and equipment used by utility and telecommunications workers as well as military personnel; and Axium Healthcare Pharmacy Inc., a provider of specialty pharmacy services located in Lake Mary, Fla.
Carousel Capital was created in 1996 by co-founders Nelson Schwab III and Erskine Bowles, a former partner at
The firm’s inaugural fund closed on $160 million in 1997. Three years later,