Firm: Greenhill Capital Partners
Fund: Greenhill Capital Partners III LP
Target: $1 – $1.25 billion
Placement Agent: Greenhill & Co. fund placement advisory group
Executives at Greenhill & Co.’s investment arm have decided to put off raising their next mid-market buyout fund, and probably won’t launch it until the first quarter of 2010, a source familiar with the plans told Buyouts.
Executives at the firm,
The target for the fund is still expected to be $1 billion to $1.25 billion, our source said. Greenhill & Co.’s in-house fund placement advisory group—the core of which came from the former fund placement group at Lehman Brothers—will help it raise the fund.
Greenhill Capital is one of many firms of all sizes and strategies—including
The investment arm of the publicly traded New York company invests in specialty finance, telecommunications, insurance, reinsurance, business services and energy. It typically writes equity checks of $10 million to $100 million per transaction, but will sometimes invest more. Target companies usually have enterprise values between $50 million and $1 billion, revenues of at least $50 million, operating income of at least $10 million and cash flows of at least $15 million.
Portfolio companies include Stroz Friedberg LLC, a New York-based Internet technology consulting and services firm in which Greenhill Capital invested $30 million in January 2007; and BreitBurn Energy Company LLC, a Los Angeles-based oil and gas exploration and development company that Greenhill Capital bought last month for $305 million.
The firm, founded in 2000, manages $1.3 billion. It raised its most recent fund, the $875 million