Two executives who helped diversify New York City’s pensions with greater investment in private equity have launched their own investment firm.
Adam Blumenthal and Josh Wolf-Powers have started Partnership Equity, a New York-based private equity firm. Blumenthal is the former deputy comptroller and CFO for the New York City Comptroller’s office, and Wolf-Powers was previously managing director of private markets for the New York City Comptroller.
The firm will invest in structured control investments in middle-market companies. It hopes to invest between $5 million and $30 million in transactions that range between $10 million and $120 million.
Partnership Equity’s focus is on late stage companies with revenue between $25 million and $250 million. The founders say their strategy is well suited for applied technology, distribution, engineering and manufacturing companies.
Wolf-Powers declined to say if the firm would raise a fund. He says the firm can finance deals without a fund of its own.
“We have good relationships with a couple of one-stop shops and business development corporations,” says Wolf-Powers. “We’re focused on pursuing the business plan. We’re not trying to look too far ahead.”