PWP Growth Equity Said to be in Early Stages of Second PE Fund

Jul 8 2016 | 8:30pm ET

The private equity arm of boutique investment manager Perella Weinberg is raising its second capital pool.

PWP Growth Equity is reportredly in the early stages of raising the fund, according to a Bloomberg article citing an unidentified individual familiar with the matter, although the efforts appear to be concentrated on preliminary talks with backers of the firm’s prior fund. 

PWP Growth Equity’s first fund raised $600 million in early October 2014, far exceeding its initial $400 million target. 

Raising actual capital commitments for the new fund is reportedly going to start by the end of the year, the article said. The target is said to be $600 million, which would be the same size as the same size as its predecessor.

Although the investment focus of the second fund has not been disclosed, it is expected to follow in the footsteps of the first, which invests in lower middle-market firms in the U.S. and focuses on the consumer/retail, services and industrial sectors. 

Founded in 2006, Perella Weinberg Partners is an independent financial services firm providing advisory and asset management services to a broad client base, including corporations, financial institutions and governments. The advisory business advises clients on mergers, acquisitions, defense advisory, financial restructuring, private capital formation, and pension matters. The asset management business includes a suite of hedge fund strategies, private investment funds and OCIO solutions. 

Together with affiliates, the company’s asset management business has capital commitments and managed assets of approximately $8.9 billion.

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