Brentwood Associates has closed Brentwood Associates Opportunities Fund LP led by secondaries investors Spring Bridge Partners and Hollyport Capital.
The new fund closed with $190 million in commitments and its capital was largely used to purchase certain portfolio companies – not identified by Brentwood – from two of the firm’s earlier funds and to provide additional capital to support the companies’ future growth.
Los Angeles-based Brentwood is an active investor in consumer products and services companies with revenues from $20 million to $500 million and EBITDA up to $50 million; and technology-driven business services companies with revenues up to $75 million and EBITDA margins of at least 20%.
Since 1984, Brentwood’s private equity team has invested in more than 50 portfolio companies with an aggregate transaction value of over $6 billion. Brentwood is led by its partners Bill Barnum, Steve Moore, Eric Reiter, Craig Milius and Rahul Aggarwal.
“We are excited to partner with these highly respected and experienced institutional investors in a structured transaction that allows us to provide a liquidity option to our limited partner investors, who patiently supported the growth and development of these portfolio companies,” said Mr. Barnum.
“The completion of this fund will enable us to continue to support our management teams and execute on the well-defined expansion plans at our portfolio companies,” said Eric Reiter, a partner at Brentwood. “While our portfolio companies have achieved significant growth and operational milestones, the additional capital and the fund’s patient investor base will allow us to reinvest in growth and maximize returns for our new investors.”
Spring Bridge is a specialist investor active in secondary transactions and spin outs of investment teams and portfolios from institutions and family offices. The New York City and London-based firm is led by co-founders and co-managing partners Luca Salvato and Sebastien Burdel.
“Spring Bridge continues to establish itself as the partner of choice for GPs in the middle-market seeking creative capital solutions and we are proud to partner with Brentwood on this opportunity,” said Mr. Burdel.
Hollyport Capital is a specialist secondaries investor based in London and New York City with over $2 billion in assets under management. The firm was founded in 2007 and is investing from its seventh fund, Hollyport Secondary Opportunities Fund VII LP, which closed at its hard cap of $1 billion in January 2020.
PJT Partners was the financial advisor to Brentwood and Kirkland & Ellis provided legal services.
© 2021 Private Equity Professional | May 20, 2021