San Francisco-based buyout firm
The annex fund, closed earlier this month, adds to the $415 million fund that the middle-market firm raised in 2006.
Rather than fire up the machinery to raise a new vehicle, Gryphon Investors secured permission from a majority of its LPs to raise the annex fund. The firm wanted to complete deals without the distraction of launching a formal marketing campaign, according to President and Managing General Partner David Andrews. Andrews explains that Gryphon has lined up two deals, in the health care and food services sectors, which it expects to close in February, requiring equity from the main fund and the annex vehicle.
“We felt we had good momentum, and we wanted to remain fully focused,” Andrews said.
The firm has not set a target for fund IV, which the firm expects to begin marketing in about year. —Jeremy Harrell
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General partners include Lloyd Trotter, who will retire next month as vice chairman of General Electric; Arthur Harper, former president and CEO of GE Equipment Services; and Ronald Blaylock, founder of Blaylock & Co.
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Limited partners include CommonFund, University of Chicago and the Andrew W. Mellon Foundation.
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Limited partners include Princeton University and the South Carolina Retirement Systems.
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The San Francisco-based firm has an upper target of $2.4 billion for the fund, and is using Triago as its placement agent.