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Kline Hill hires ex-Flag exec Louis Sciarretta

Kline Hill Partners, which is set to embark on its third fundraising, hired private equity veteran Louis Sciarretta as chief operating officer, a source told Buyouts.

Sciarretta has updated his LinkedIn profile, which sets his start date at the firm as of August.

Sciarretta joins as Kline Hill continues to expand. The firm was formed by Mike Bego in 2015 and has raised two funds: its debut on $180 million in 2016; and its sophomore fund on $357 million last year. Kline Hill is expected to launch Fund III this month targeting $425 million with a $450 million hard cap, a source told Buyouts.

Sciarretta worked at Flag Capital Management from 1995 through 2015, according to his biography. He worked as partner and COO at the firm. Sciarretta helped lead negotiation and sale of Flag in 2015 to Aberdeen Standard Investment, his bio said.

Sciarretta has worked as COO-alternatives at Aberdeen since the sale.

Kline Hill is led by Bego and Partner Jared Barlow. It typically purchases LP commitments in the single-million-dollar range, primarily in buyout and venture, but can also target stakes in energy, real estate and other private markets. “Kline Hill believes that smaller transactions, especially if complex, tend to be overlooked by most other buyers,” according to the firm’s Form ADV.

Action Item: Check out Kline Hill’s Form ADV here: https://bit.ly/2HDK0z6