Firm: Cohesive Capital Partners
Fund: Cohesive Capital Partners Fund LP
Target: $250 million
Placement Agent: None
The firm is targeting $250 million for the fund, which, like Citi Private Equity, will specialize in co-investing in companies alongside other private equity firms. Citi Private Equity also made mezzanine investments and invested in buyout funds, but it’s unclear if Cohesive Capital will also pursue those strategies.
Barber declined to comment. He left Citigroup in January 2009 after 14 years with the company, including nine years in its private equity group, which he helped develop. Under Barber the firm raised two funds: a $400 million debut fund in 2000, followed by a $3.3 billion sophomore fund in January 2007.
Also under Barber, Citi’s PE group participated in such notable deals as the $6.3 billion buyout of investment manager Nuveen Investments Inc. with
Barber began raising the fund in September 2009. No word yet on the names of any LPs that have committed to the fund.
Citigroup, meanwhile, is selling its $10 billion PE group, which oversees about $2 billion of the bank’s money, because it wants to shave off some debt, according to a Feb. 1 Bloomberg report. The group is headed by Managing Partners Todd Benson and Darren Friedman.