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Dowling Capital Partners raises $125 mln for Fund II

Firm: Dowling Capital Partners

Fund: Dowling Capital Partners II LP

Amount Raised: $125.4 million

Dowling Capital said it drew commitments to Fund II from 14 investors with a date of first sale of July 21, with Jeffrey Cappel, Vincent Dowling and David Zwiener listed as executives, according to a Form D filing.

Cappel and Dowling are partners and also members of the Dowling Capital Partners investment committee. Zwiener is senior partner and chairman of the investment committee.

Dowling Capital Partners lists 11 current investments on its web site, including Declaration Brokerage LLC, Eagle American Insurance, Hodges Mace Benefits Group and Third Point Reinsurance Ltd.

Third Point Reinsurance Ltd held its initial public offering in August 2013, at a price of $12.50 per share, for total proceeds of about $276 million. The stock traded at $14.97 a share on Aug. 7, with a total market cap of $1.6 billion.

When Third Point Reinsurance Ltd was incorporated in 2011, Dowling Capital joined Kelso & Co LP, Pine Brook Road Partners LLC and Third Point LLC CEO Daniel Loeb, along with management, in a $533 million commitment to capitalize the company, according to the IPO prospectus for Third Point.

As of Dec. 31, Kelso & Co owned 25.2 percent of Third Point Reinsurance Ltd’s outstanding common shares; Pine Brook Road Partners 12.6 percent, Loeb 5.8 percent and Dowling 1.5 percent, according to a filing. Dowling & Partners Securities LLC served on the underwriting team for the IPO.

Dowling Capital Partners closed its debut private equity fund with $160 million-plus in commitments in January 2012.

“Dowling Capital Partners occupies a unique position in the insurance industry, given the caliber of our investment team, the strength of our financial partners, and the resources and industry expertise we are able to draw upon from our sister organizations, Dowling & Partners Securities and Dowling Hales,” Vincent Dowling said in a prepared statement at the time.