Huntsman Gay Global Capital, a US-based mid-market private equity firm, has closed its maiden fund with more than $1.1bn in commitments.
The firm has already completed one investment since the fund’s inception, acquiring Turner Bros Holdings, an energy services business providing highly-engineered lifting and transportation solutions primarily to the petrochemical and wind energy markets.
Investors include a mix of institutions, public pension investors, family offices and high-net worth individuals, including CalPERS.
“We are very pleased to have completed a successful first fundraising effort, exceeding our target of $1bn,” said Jon M Huntsman, co-founder of the firm. “We believe that the middle market – where funds have historically enjoyed higher returns than mega funds – is the right place for us to concentrate in successfully deploying the fund.”
“We look forward to applying our vision and experience to the middle market, bringing together best practices from bulge-bracket private equity and the strategic perspective of global corporations,” added Robert C Gay, also co-founder of the firm. “To do this, we have assembled a diverse team whose skills and knowledge we will leverage in partnering with management teams to accelerate their growth and redefine the terms of success.”
Huntsman Gay will target middle-market companies with $25m to $50m in EBITDA across industries including manufacturing, industrials, consumer products, technology, business/financial services, chemicals, infrastructure and healthcare.
Former Bain Capital managing director Huntsman, and Gay, one of the world’s leading industrialists, co-founded the firm.
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