Firm: Huntsman Gay Global Capital
Fund: Huntsman Gay Capital Partners Fund I
Amount Raised: $1.1 billion
Target: $1 billion (originally listed as $1.25 billion)
Legal: Ropes & Gray
“We believe that the middle market—where funds have historically enjoyed higher returns than mega funds—is the right place for us to concentrate in successfully deploying the fund,” said Jon Huntsman in statement.
Huntsman, the founder of the chemical company that still bears his surname, formed the firm in 2007 with Bob Gay, a former managing director at
Limited partners include funds-of-funds manager
Huntsman Gay described its LP pool as “a mix of institutions, and public pension investors, family offices and high-net worth individuals,” and noted that the firm’s partners and professionals are also significantly invested in the fund, reportedly providing 10 percent of its capital, according to peHUB.com, the sister Web site of Buyouts.
In its statement, the Palo Alto, Calif.-based firm said the pool exceeded its target of $1 billion, although the original Form D filing with the Securities and Exchange Commission in April 2008 for
Sectors of interest for Huntsman Gay include manufacturing, industrials, consumer products, technology, business and financial services, chemicals, infrastructure and health care.
The firm has already completed an investment with the fund. It purchased Turner Bros. Holdings, a Houston-based provider of lifting and transportation products and services, such as cranes and rigging equipment, in October 2008 from
Philanthropy plays a prominent role at Huntsman Gay, as both co-founders are expected to give 100 percent of their share of the firm’s carried interest to charitable organizations, according to peHUB.com, while certain other partners are likely to donate portions of their shares. Charities highlighted on the firm’s Web site include the Anasazi Foundation, the BYU Center for Economic Self-Reliance, Christmas Box House, Forever Young Foundation, Olive Crest, Realizing the Dream, Right to Play, and Unitus, in addition to the Huntsman Cancer Institute and Hospitals.