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Ex-Golden Gate tech chief sets ambitious target for debut

LPs have turned to their long-trusted GP relationships in the uncertain markets, as established firms are coming back to market quicker than ever, with larger funds and new products – all of which is taking up the bulk of LP allocation.

A tech-focused shop launched by the former head of technology investing at Golden Gate, Rishi Chandna, is setting an ambitious target for its debut pool, a source told Buyouts.

The firm is one of numerous first-timers to hit the markets that have turned increasingly stingy for newer shops. LPs have turned to their long-trusted GP relationships in the uncertain markets, as established firms are coming back to market quicker than ever, with larger funds and new products – all of which is taking up the bulk of LP allocation.

Still, first-timers are in the markets hustling for capital. Chandna’s firm, called Lone View Capital, is gearing up to raise its debut pool. The firm will target around $925 million for the first fund, the person said, though it’s not clear if that target has been finalized.

Chandna was a managing director at Golden Gate who oversaw investments in tech, including enterprise software and tech-enabled services. He is expected to continue his focus on the tech world with Lone View, sources said. Chandna worked at Golden Gate since 2002, according to his LinkedIn profile.

There is little additional information available about Lone View in public.

After Chandna left, Golden Gate moved Matt Crump into leadership of the tech vertical, promoting him to managing director from principal. Dan Haspel, managing director, is leading financial services investments. Managing directors Josh Cohen and Mike Montgomery are leading consumer investments; and Felix Lo, managing director, is leading industrials investments along with managing directors Bob Kirby and Javier Puig.

Golden Gate has spawned several other new shops over the past few years. Rajeev Amara, who formerly led industrials investments at Golden Gate, launched Arcline Investment Management in 2018, which closed its first fund on $1.5 billion in 2019. The firm closed its second pool on $2.75 billion last year.

And Chris Lawler and Chris Collins, who formerly focused on essential service business investments at Golden Gate, formed Percheron Capital in 2020. The firm closed its debut fund last year on $770 million.

Other recent leavers from Golden Gate include Josh Olshansky, who led the consumer and retail vertical and stepped back from daily activities in recent years; Rob Little, chief operating officer who oversaw financial services investing; and managing directors David Thomas and Jim Rauh, both of whom worked on industrial deals.

Update: This report was updated to include Javier Puig as another leader of the industrials vertical at Golden Gate.