Firms & Funds

Emerging Managers: Searchlight, OrbiMed, Pacific, Vida

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Roundup

Emerging Managers had another strong fundraising period, with 15 emerging managers raising more than $6 billion from July 3 through July 16, according to Buyouts data. That’s the third highest by emerging managers this year, slightly behind the total pulled in the most recent roundup, during which they raised nearly $6.9 billion.

Searchlight Capital led the charge with its third flagship. The New York City-based firm raised more than $2.75 billion from 122 investors through two vehicles. Earlier this year, Buyouts reported that the fund would have a $3.25 billion hard cap.

Searchlight was formed by Eric Zinterhofer, former co-head of media and telecom at Apollo; Oliver Haarmann, a former partner at KKR; and Erol Uzumeri, who formerly led the private equity business at Ontario Teachers’ Pension Plan.

OrbiMed Healthcare Fund Management pulled in the second-highest amount. Its third Royalty and Credit opportunities fund raised more than $889 million from 69 investors. The fund has a target of $1.2 billion.

At third was Pacific Private Money, raised about $700 million from 12 investors through three funds in the market. Its third private equity opportunities fund raised more than $410 million, its third private credit fund raised more than $250 million; and its third feeder fund raised more than $39 million.

On the venture side, Vida Ventures nears its sophomore fund’s target of $600 million. The Boston-based firm raised more than $552 million from 119 investors through two vehicles. The firm looks for advancing transformative biomedical innovations that make meaningful impacts on the lives of patients.

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:

Blue Sage Capital

  • Fund name: Blue Sage Capital III, L.P.
  • Focus: Growth, recapitalization and buyout financings of small middle-market companies.
  • Amount raised: $198.2 mln
  • Target: N/A
  • Location: Austin, TX
  • Phone: +1 512-536-1900
  • Filing: https://bit.ly/2O9o2v0

Bookend Capital Partners

  • Fund name: Bookend Capital Partners I LP
  • Focus: Controlled investments in professional, industrial and consumer markets.
  • Amount raised: $86.8 mln
  • Target: $300 mln
  • Location: New York City
  • Phone: +1 646-595-1663
  • Filing: https://bit.ly/2XU05ar

Clovis Point

  • Fund names: Clovis Point II, LP; Clovis Point II-B, LP
  • Focus: Buyout and growth equity investments in U.S.-based lower middle-market companies.
  • Amount raised: $37.8
  • Target: N/A
  • Location: Houston, TX
  • Phone: +1 713-996-6731
  • Filings: https://bit.ly/2JCxrqr; https://bit.ly/2LWkR76

Corrum Capital Management

  • Fund name: Corrum Capital Aviation Partners II, LP
  • Focus: Direct debt and equity investments in partnership with experienced operators.
  • Amount raised: $35 mln
  • Target: N/A
  • Location: Charlotte, NC
  • Phone: +1 704-330-7300
  • Filing: https://bit.ly/2ShSLnK

Mangrove Equity Partners

  • Fund name: MANGROVE INVESTORS III, L.P.
  • Focus: Industrial product manufacturing, consumer product manufacturing, industrial services, distribution.
  • Amount raised: $175 mln
  • Target: $175 mln
  • Location: Tampa, FL
  • Phone: +1 813-868-4500
  • Filing: https://bit.ly/2XLMS3j

Navegar

  • Fund name: Navegar II L.P.
  • Focus: Growth capital to established businesses in agriculture, consumer finance, education, food and beverage, heathcare, business process outsourcing, leisure and hospitality, manufacturing and retail.
  • Amount raised: $87.1 mln
  • Target: $200 mln
  • Location: Philippines
  • Phone: +63 2-808-4566
  • Filing: https://bit.ly/2Y8k7Ca

OrbiMed Healthcare Fund Management

  • Fund name: OrbiMed Royalty & Credit Opportunities III, LP
  • Focus: Provide commercial-stage healthcare companies with non-dilutive structured debt capital.
  • Amount raised: $889.8 mln
  • Target: $1.2 bln
  • Location: New York City
  • Phone: +1 212-739-6400
  • Filing: https://bit.ly/2JBJxjG

Pacific Private Money

  • Fund names: Pacific Private Feeder Fund III L.P.; Pacific Private Credit Fund III L.P.; Pacific Private Equity Opportunities Fund III L.P.
  • Focus: Owner occupied loans, bridge or refinance, construction, commercial and non-owner occupied acquisition and rehab.
  • Amount raised: $669.7 mln
  • Target: N/A
  • Location: Newport Beach, Calif.
  • Phone: +1 949-219-3352
  • Filings: https://bit.ly/2JAQYHG; https://bit.ly/2YX7cAl; https://bit.ly/2SeE1Gi

Searchlight Capital

  • Fund names: Searchlight Capital III, L.P.; Searchlight Capital III PV, L.P.
  • Focus: Buyouts, growth equity, recapitalizations across North America and Europe.
  • Amount raised: $2.8 bln
  • Target: $3.25 bln
  • Location: New York City
  • Phone: +1 212-293-3730
  • Filings: https://bit.ly/2SpHD8v; https://bit.ly/32vSfaq

Venture Capital:

BioTrack Capital

  • Fund name: BioTrack Capital Fund I, LP
  • Focus: Healthcare investing and incubating innovative life science companies in China.
  • Amount raised: $159 mln
  • Target: $175 mln
  • Location: Shanghai
  • Phone: +86 021-80337475
  • Filing: https://bit.ly/2GgQAfn

Elm Street Ventures

  • Fund name: Elm Street Ventures II, L.P.
  • Focus: Early stage funding with emphasis on life sciences and health care related products and services.
  • Amount raised: $29.6 mln
  • Target: N/A
  • Location: New Haven, CT
  • Phone: +1 203-401-4201
  • Filing: https://bit.ly/2LoKk9R

Maniv Mobility

  • Fund name: Maniv Mobility II, L.P.
  • Focus: early stage automotive and mobility technology startups.
  • Amount raised: $101 mln
  • Target: $101 mln
  • Location: Tel Aviv, Israel
  • Phone: +1 201-727-1411
  • Filing: https://bit.ly/2Y9b9Vp

Medicxi

  • Fund name: Medicxi III LP
  • Focus: Life sciences with a particular focus on therapeutics.
  • Amount raised: $260 mln
  • Target: N/A
  • Location: St. Helier, Jersey
  • Phone: +44 1534-481050
  • Filing: https://bit.ly/2Sjs2rb

Vida Ventures

  • Fund names: Vida Ventures II, LLC; VIDA VENTURES II-A, LLC
  • Focus: Transformative biomedical innovations, regardless of stage and
  • Amount raised: $552.7 mln
  • Target: $600 mln
  • Location: Boston
  • Phone: +1 857-254-9492
  • Filings: https://bit.ly/2XIstky; https://bit.ly/32yu4rR