Emerging Manager Roundup: Perceptive, Reverence, ADV, Matrix and more

Emerging managers raised more than $3.3 billion in the past few weeks. Six private equity firms and one venture capital firm raised over $100 million.

Sophomore opportunities funds seemed to be popular among active PE fundraisers. Perceptive Advisors led all money raised, closing its second credit opportunities fund at $675 million.

Reverence Capital was just 7 percent behind with its second opportunities fund. It raised more than $629 million of a targeted $1 billion.

ADV Partners joined in on the fundraising for sophomore pools. It held a first close on $597 million.

Leading all venture firms was Matrix Partners. Its third India fund closed at more than $320 million.

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

Private Equity:

Abax Global Capital provides growth capital in Asia’s mid-market companies, with an emphasis on China. Its third private credit fund raised $60 million of a targeted $400 million.

ADV Partners also targets mid-market opportunities in Asia. Its debut closed at $550 million in 2015. Its current fund had its first close at $597 million.

BayBoston Capital is a minority-owned PE firm focused on financial service companies and banks. Its second fund closed at $22.9 million.

Cotton Creek Capital focuses on a variety of industries within the lower-middle market. Its third flagship raised more than $148.6 million of a targeted $250 million.

Equity Capital Partners manages the ShoreCap family of funds, which invest in financial services in developing and transitional economies. Its third fund raised more than $54 million.

L Squared Capital Partners targets buyouts in leading growth companies within tech-enabled services, industrial technology and education. Its sophomore flagship closed at $325 million.

NextEnergy Capital has two funds dedicated to building and operating solar plants in Italy and across international markets. It raised more than $360 million across these funds.


Perceptive Advisors focuses on the progress of the life science industry and invests in the most promising technologies in modern healthcare. It closed its second credit opportunities at $675 million.

Reverence Capital Partners focuses its investments in global middle-market financial services. Its sophomore opportunities fund raised more than $629 million of a targeted $1 billion.

Venture Capital

Arbor Ventures invests in early-stage companies in fintech. Its first opportunity fund closed at $10 million.

Arrive is Jay Z’s new startup platform, which is backed by Roc Nation, the entertainment company he founded. It raised $20 million of a targeted $40 million.

BIP Capital focuses in technology, healthcare, business services, digital media, franchising and software. Its sophomore minifund raised more than $8 million of a targeted $18 million.


Benjamin Ling’s new venture firm, Bling Capital, has had a busy month. After raising over $1.8 million earlier this month, he’s raised an additional $2.9 million across two parallel vehicles.


Frist Cressey Ventures focuses on technology and service businesses within the healthcare industry. Its sophomore flagship raised $49.7 million of a targeted $80 million.

Harlem Capital Partners is a minority-owned early-stage venture firm committed to invest in minority and women founders in the U.S. Its first flagship raised more than $1.9 million of a targeted $25 million.

Jarvinian Ventures focuses on companies with proprietary technologies in the IT mobility sector. Its sophomore L-Band fund closed at $25 million.

Matrix Partners is an early-stage investor with offices in the U.S., India and China. Its third India fund closed at over $320 million.

Morro Ventures invests in tech companies across Puerto Rico, Latin America and the U.S. It’s raised more than $16.8 million of a targeted $40 million.

Poseidon Asset Management is committed to growing in the cannabis industry. Its sophomore Demeter Capital fund raised more than $14.6 million.

Stray Dog Capital is looking to make a difference by investing in alternatives to the use of animals in the supply chain. Its second flagship raised more than $25.5 million.