Peppertree Partners, a fund-of-funds launched last fall, is reportedly investing $55 million of its $150 million targeted capital into eight private equity funds.
The final close for the fund is scheduled for the end of March and the firm’s fund-raising efforts are “on schedule”, said Joseph Michael, in an interview.
The fund has invested in private equity funds including Hummer Winblad V LP; Baker Communications Fund II LP; Meritech Capital Partners II LP; Providence Equity Partners IV LP; Summit Ventures VI LP; Fox Paine Capital Fund II LP; Francisco Partners LP; and Austin Ventures VIII LP.
Some of the Cleveland-based fund’s institutional investors include the School Employees Retirement System of Ohio; Ohio Police & Fire Pension Fund; and the Ohio Bureau of Workers’ Compensation.
The partnership was started last year by Michael, a former senior investment officer at the State Teachers Retirement System of Ohio in Columbus and also includes partners Kevin McGinty and Carl Tippit.
Previously McGinty served as a partner at Primus Venture Partners, while Tippit was served as the chief financial officer of an equity research company in Northeast Ohio. The trio reportedly wants to form additional investment vehicles within the next 18 months.