Emerging Managers: OpenGate, Viola, Blantyre

As we reach the fourth quarter of 2019, emerging private equity fund managers begin to ramp up their fundraising. Nine emerging managers—nearly twice as many as the last fundraising period—raised $1.2 billion from Sept. 11 through Sept. 24, according to Buyouts data.

Year to date, new managers have raised a combined $43.3 billion, according to Buyouts.

No firm raised more than OpenGate Capital, which raked in $447.5 million of a targeted $450 million for its sophomore fund, according to an SEC filing. Buyouts reported that the fund is expected to hit its hard cap of $550 million in October.

OpenGate was launched in 2005 by managing partner and CEO Andrew Nikou, who previously worked at Platinum Equity. The firm targets turnarounds and other opportunities in industrial, consumer and business services.

Viola Group was second with its third growth-equity fund, which raised $274.3 million from 31 investors, an SEC filing showed. The Israeli-based investment group focuses on Israeli leading technology companies. The firm’s sophomore fund closed its sophomore fund on $274 million in 2014.

Blantyre Capital was not too far behind with its debut special situations fund. The London-based firm that focuses on partnering with European companies raised $206.6 million from just nine investors, an SEC filing showed.

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

Blantyre Capital

  • Fund name: Blantyre Special Situations Fund I Ltd
  • Focus: European companies in relaunching good businesses with temporary financial challenges.
  • Amount raised: $206.1 million
  • Target: N/A
  • Location: London
  • Phone: +44 (20) 7534-0450
  • Filing: https://bit.ly/2pivcRl

JTS Capital Group

  • Fund name: JTS Capital Fund III, L.P.
  • Focus: Financial services.
  • Amount raised: $39.2 million
  • Target: N/A
  • Location: Waco, TX
  • Phone: +1 254-313-1003
  • Filing: https://bit.ly/2pquCRJ

Latticework Capital Management

  • Fund name: LCM Healthcare Fund I, LP
  • Focus: Growth oriented opportunities in healthcare providers, pharmaceutical services, medical components and equipment and business services to healthcare providers.
  • Amount raised: $48.6 million
  • Target: $120.9 million
  • Location: Dallas, TX
  • Phone: +1 214-613-0179
  • Filing: https://bit.ly/2pqAhar

Northcreek Mezzanine

  • Fund name: Northcreek Mezzanine Fund III, L.P.
  • Focus: Mezzanine debt and equity to lower-middle market companies throughout the U.S.
  • Amount raised: $47.6 million
  • Target: $66 million
  • Location: Cincinnati, OH
  • Phone: +1 513-985-6601
  • Filing: https://bit.ly/2oyDBQt

OpenGate Capital

  • Focus: Industrials, technology, consumer and business services.
  • Amount raised: $447.5 million
  • Target: $450 million
  • Location: Los Angeles
  • Phone: +1 310-432-7000
  • Filings: https://bit.ly/2plLEQQ; https://bit.ly/2nVepDx

Oxer Capital

  • Fund name: Oxer Mezzanine Fund II, L.P.
  • Focus: Privately held operating companies throughout the Great Lakes region.
  • Amount raised: $59 million
  • Target: N/A
  • Location: Columbus, OH
  • Phone: +1 614-907-7371
  • Filing: https://bit.ly/2oyMcmd

Raven Capital Management

  • Fund name: Raven Asset-Based Credit Fund I LP
  • Focus: Special situations, recapitalizations, project finance, growth capital and rescue finance.
  • Amount raised: $29.9 million
  • Target: N/A
  • Location: New York City
  • Phone: +1 212-966-7926
  • Filing: https://bit.ly/2nVn3BZ

Tioga Capital

  • Fund name: Tioga Partners II, L.P.
  • Focus: Real estate; a variety of industries and sectors.
  • Amount raised: $12 million
  • Target: N/A
  • Location: Atlanta, GA
  • Phone: +1 404-260-0701
  • Filing: https://bit.ly/2n1xAvd

Viola Group

  • Fund name: VIOLA GROWTH III L.P.
  • Focus: Enterprise software, BI, Cyber, Internet & New media, Marketing technologies, IT & Cloud and FinTech.
  • Amount raised: $274.3 million
  • Target: N/A
  • Location: Israel
  • Phone: +972-9-9720500
  • Filing: https://bit.ly/2nShN20

Download a spreadsheet with information about all of the funds: Emerging PE Roundup