Firms & Funds

Emerging Manager Roundup: Trilantic, Ara, Sarah Kunst’s Cleo

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Oregon Treasury, Oregon Common School Fund, private equity, pension fund, Genstar Capital
Pathway next to Mirror Pond in Drake Park, Bend, Oregon. L Parker Photography/iStock/Getty Images

The past few weeks have shown emerging managers with high goals. Two U.S. private equity firms target $500 million.

New York-based Trilantic Capital Partners North America is closest to that goal. Its second fund has raised over $218 million. Its investments focus in the business services, consumer and energy sectors.

Ara Partners hopes it can hit that target, too. Its first fund has raised over $71 million. The Houston firm invests in lower-middle markets across the energy, industrial and infrastructure sectors.

Entrepreneur Sarah Kunst’s debut venture capital fund, Cleo Capital, has raised over $1.7 million. According to Axios, the fund has a $10 million target.

Below are some emerging private equity and venture capital funds that Buyouts has identified as being in the market over the past few weeks:

Private Equity Funds

SGG Group, a provider of administrative services to alternative-investment funds, international companies and family offices, raised $19.6 million for its Camellia Fund I Cayman LP.

IGF Partners invests in commercial real estate. Its IGF Investment Grade Fund raised over $11.7 million of its $60 million target.

Water Asset Management seeks “investments that hold water” in the global water sector. It has raised $55.1 million in its Water Property Investors II LP.

Trilantic Energy Partners II (North America) LP raised over $218 million. The Trilantic Capital Partners North America fund targets $500 million.

Crayhill Capital Management is a New York alternative-asset-management firm. Its second co-investment fund has raised over $34 million.

Hudson Ferry Capital targets niche manufacturers, business services and outsourcing providers in lower-middle-market companies. Its third fund targets $200 million.

Ara Partners focuses on opportunities across the lower-middle-market energy and industrial sectors. Its first fund has raised over $71 million and targets $500 million.

Bow River Capital Partners focuses on investing in the lower-middle market in private equity, real estate and energy. Its second real estate fund has raised over $18 million of a targeted $250 million.

Arrowhead Capital Fund III, LP raised over $296 million. Arrowhead Investment Management invests alongside sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions.

Venture Capital Funds

NCT Ventures is a Midwest-focused firm that invests in early-stage technology companies. Its Sadie Wavemaker Ventures Fund I LP targets $15 million.

Grand Angels’ second venture fund plans to focus in B2B technology, advanced manufacturing, agriculture technology and life science companies. It’s seeking $25 million for its third venture fund.

Cleo Capital Fund I LP — the first fund of entrepreneur Sarah Kunst — has raised over $1.7 million. She plans to use the fund, reported by Axios to target $10 million, to provide capital to female entrepreneurs.

Cultivation Capital has backed over 100 companies since it was founded in 2012. Its third tech fund has raised $25.5 million of its targeted $50 million.

645 Ventures primarily focuses on software and internet companies, with some investments in new technological areas. Its second fund closed at over $40.6 million.

No venture capital fund has raised more in recent weeks than Crown Growth Opportunities Global III. The LGT Capital Partners fund raised $164.5 million.

Seven Peaks Ventures focuses on early-stage investments throughout the Pacific Northwest. Its second fund raised over $21 million of its targeted $30 million.

Goldcrest Capital is a Dallas firm that invests in private technology companies. Its second fund raised $6.4 million of its targeted $13 million.

AccelFoods invests in packaged food and beverage companies as well as entrepreneurs. Its third fund targets $45 million.