Brownstone Equity Partners, formed by a former Westview Capital Partners executive, collected its target on its debut fund, according to a person with knowledge of the fundraising and federal filings.
The firm is one of only a few first-timers in the market during the pandemic. Limited partners are mostly focused on re-upping with their established managers.
This is not across the board and a few newbies have had success in the down markets. Other emerging managers that have braved the rattled markets include Sky Island Capital, formed by ex-Insight Equity exec Jack Waterstreet, targeting $225 million for its debut; and Crosspoint Capital, launched by ex-Symantec Corp CEO Greg Clark, which is targeting $1 billion for its debut fund.
Brownstone, launched by Evan Horton, targeted $75 million for its debut fund. Fund I had raised about $74 million as of June, according to a Form D fundraising filing. It’s not clear if Fund I is officially closed or if it’s still in the market.
Brownstone Equity did not use a placement agent on the fundraising process, the person said. Horton did not respond to a call for comment Thursday.
Horton formed Brownstone Equity in 2018. He is managing partner at the firm, before which he worked as a principal at WestView Capital Partners from 2016 to 2018, his profile said. He also worked at Pine Tree Equity Partners from 2011 to 2015, his profile said.
Another executive at Brownstone is Daniel Vetrano, vice president, who joined earlier this year, according to his LinkedIn profile. Vetrano previously worked at Farlie Turner & Co for more than eight years, his profile said.