Ex-Warburg dealmaker’s firm Coalesce holds first close on debut

Coalesce Capital, formed last year by ex-Warburg Pincus dealmaker Stephanie Geveda, is approaching the halfway mark toward its $750 million target, according to a newly updated regulatory document.

Coalesce is one of a handful of new firms in the market seeking capital from limited partners who appear more comfortable sticking with their deepest relationships. Still, as other first-timers have shown, some LPs are not opening their wallets to some of the biggest funds in the market, providing more opportunities for newer firms raising pools with smaller targets.

Coalesce has held a first close on about $328.6 million for its debut fund, according to a recently filed Form ADV. The firm started fundraising around the beginning of the year, working with PJT Park Hill as placement agent.

The total number includes $10 million in a parallel investment vehicle called Coastal Pacific Partners, according to the ADV.

A spokesperson for Coalesce declined to comment.

Geveda formerly led business services deals at Warburg Pincus, where she worked for more than 12 years. Some of her investments included Aramark, GrubHub/Seamlessweb, Electronic Funds Sources, WEX, Endurance International Group and GA Foods. Another of her investments was Hygiena, which provides food safety and environmental testing services, which Warburg sold last year to EW Group.

Coalesce’s other partner is Henry Stannard, who brings operating experience, most recently as a partner at OC&C Strategy Consultants. Other executives include managing director Thomas Shi, who joined this year from Flexpoint Ford, where he worked since 2016, and principal Shash Chugh, who worked at Warburg Pincus earlier in his career.

The firm targets growth investments and buyouts in human capital and tech-enabled business services companies. It looks for companies with at least $5 million of EBITDA and $25 million of revenue, according to its website.

Earlier this year, the firm hired Bethany Foullois as chief operating officer and chief compliance officer. Foullois joined from LNK Partners, where she worked as COO and CCO.

Check out Buyouts‘ extensive inventory of first-time fundraising here.