Firms & Funds

Emerging Managers: Ex-Apollo exec Scott Ross’s sophomore fund scores big

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Roundup

Emerging-manager fundraising slowed since the last roundup. Sixteen emerging managers raised $2.3 billion from April 10 through April 23, according to Buyouts data.

A venture firm outraised all other firms. Drive Capital raised $558 million across two funds. Its third flagship brought in $307 million while its first overdrive fund raised $250.8 million.

Private equity firm Shore Capital was also in the market with two funds, which together brought in more than $449 million. Its third healthcare fund raised more than $300 million while its first food-and-beverage fund raised $148 million.

Hill Path Capital, founded by ex-Apollo Global Management partner Scott Ross, raised $359.2 million for its sophomore fund.

Below is a rundown of the most significant emerging private equity and venture funds that Buyouts has identified as being in the market over the past few weeks:

Private Equity:

Cynosure Group traces its roots back to the Eccles family of Utah. It makes long-term investments on behalf of families and foundations. Its third fund raised $10 million.

Hill Path Capital was founded by Scott Ross, ex-Apollo Global Management partner. It invests in both the private equity and public equity markets. Its sophomore fund raised more than $359 million.

PetroCap is an oil and gas investment firm that partners with independent operators. Its third fund raised $300.3 million.

Shore Capital Partners was in the market with two funds. Its third healthcare focused fund raised more than $300 million across two parallel vehicles while its debut food-and-beverage fund raised $148 million.

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Thurston Group looks for opportunities within the healthcare industry. Its debut fund raised $19.5 million.

Verod Capital Management looks for emerging opportunities within West Africa. Its third growth fund raised $20 million.

Venture Capital:

Armory Square Ventures is a seed and early-stage venture firm that invests in technology companies based in New York state as well as emerging cities across the Northeast. Its sophomore fund raised $10 million.

Bay Capital Ventures provides early-stage venture capital managers with knowledge and experience. Its debut fund raised more than $44.8 million of a targeted $150 million.

Cultivation Capital provides early-stage investments in life sciences and technology, and seed-stage investments in a broad range of tech companies active in St. Louis and the greater Midwest. Its debut seed fund raised over $5 million.

Defy makes early-stage investments to entrepreneurs in emerging high-potential opportunities. Its sophomore fund raised $262 million.

Drive Capital invests in technology, healthcare and consumer companies in the Midwest. It raised more than $588 million through two funds: Its third flagship raised over $307 million and its debut overdrive fund raised over $250 million.

Joe Montana’s Liquid 2 Ventures makes seed investments in technology startups. Its sophomore fund raised more than $37.6 million of a targeted $50 million.

LiveOak Venture Partners makes institutional investments in IT and tech-enabled companies from Texas. Its sophomore fund raised $104.5 million.

M3 Ventures helps brands become inspiring and empowering. Its sophomore fund raised $23.5 million.

MATH Venture Partners makes early-stage investments in digital technology companies with an unfair advantage in customer acquisition. Its sophomore fund raised over $44 million.

North Base Media is a global firm that focuses on media, content and information technologies. Its sophomore fund raised $15 million of a targeted $75 million.