Percheron Capital, launched by two ex-Golden Gate executives last year and raising its debut fund, hired another former colleague.
Ben Lee, a vice president at Golden Gate Capital, left and recently joined Percheron. Lee updated his LinkedIn with his new position. He joined Percheron as a vice president, according to his LinkedIn profile and Percheron’s website.
At Golden Gate, Lee focused on multi-site services and real estate deals, according to his biography on Percheron’s website. Before, he worked at Roark Capital Group.
Lee’s hire comes as Percheron raises its debut fund, which has been in market since at least February, according to a Form D fundraising document. Fund I was expected to target up to $500 million, sources told Buyouts last year.
However, the firm managed about $775 million as of June 29, 2021, according to Percheron’s most recent Form ADV. That would suggest the firm already exceeded its target.
A spokesperson for Percheron did not respond to a comment request Friday.
Percheron was formed by two ex-Golden Gate executives, Chris Lawler and Chris Collins, last year. The firm is in market with its debut fund, which sources said could target up to $500 million.
Other deal executives with Percheron include ex-Golden Gate executives Katie Misch and Terence Kwan, principals.
The firm has two investments in the portfolio: BigBrand Tire & Service and Garden State Veterinary Specialists.
Percheron is not the only recent spinout from Golden Gate. Arcline Investment Management, formed by ex-Golden Gate industrials specialist Rajeev Amara in 2018, is raising its second fund, targeting more than $2 billion, Buyouts previously reported.