New MainStream, with offices in New York and Dallas, is seeking $250 million for the pool, two sources said. Earlier this month, the fund held a first close, having raised $100 million in commitments, according to an SEC filing dated Sept. 6. It is unclear if this includes the Maryland commitment.
New MainStream began fundraising for the pool in April 2012, sources said. Evercore Partners is the placement agent for the pool, according to the regulatory filing.
The fund could be open for another 12 months, one of the sources said.
New MainStream was formed In December 2010 by former Goldman Sachs MDs Martin Chavez and Kevin Jordan with about $250 million under management. The two were joined by Robert Haas, the co-founder and chairman of Haas Wheat & Partners, along with partners Wyche Walton and Jim Wilson. Chavez and Jordan are New MainStream co-founders and managing partners, while Walton and Wilson are partners. Haas is chairman of the firm’s strategic advisory committee.
As part of its founding, the firm acquired a majority of Goldman Sachs Urban Investment Group’s corporate portfolio of investments. Pantheon Ventures is also an investor in New MainStream, according to a statement from that time.The firm targets middle-market companies in sectors such as healthcare services, business services and food/consumer products.
Officials for New MainStream declined comment.
Luisa Beltran is a senior reporter for peHUB