Cartesian Wants To Gather Second Fund In Quarter Two

Cartesian Capital Group, which specializes in private equity investing in the aftermath of crises, will most likely return to the fundraising circuit in the second quarter of 2010, probably with a target of $1 billion, Managing Partner Peter Yu told Buyouts.

The firm closed its debut fund, Pangaea One, with $1.05 billion in capital commitments in 2007. Although the first fund did not use a placement agent, no decision has been made on whether or not one will be used for the next fund, Yu said.

Over the past year the ever-opportunistic Cartesian Capital has made investments in the hard-hit automotive and financial services sectors, including an investment in the creation of Cartesian Iris, a catastrophe reinsurance trust. Last month, portfolio company ReSearch Pharmaceutical Services Inc., a contract research organization and provider of integrated clinical development outsourcing solutions, completed its global platform by incorporating its subsidiaries in more than 30 countries, including the recently acquired Paramax International (Beijing) Inc., a specialized contract research organization in China. Over the past 12 months, ReSearch Pharmaceutical Services has also made strategic acquisitions in France, Spain and Germany.

Cartesian Capital manages $1.2 billion in capital with a team of 23 professionals based in New York, Shanghai, Sao Paulo, Vienna, Warsaw, Bucharest and Bermuda. New York-based Yu and the former senior management team of AIG Capital Partners founded the firm in 2006. While at AIG, Yu and his team led more than 50 investments in 24 countries and managed more than $5 billion for institutional investors.