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Peter Huff, co-founder, Blue Sage

Blue Sage closes second fund at USD150m hard cap

Blue Sage Capital, an Austin, Texas-based private investment firm, has held the first and final closing of its oversubscribed second fund, Blue Sage Capital II.

Capital commitments totalled USD150m, above the USD100m target size.

Blue Sage received strong support from existing investors as well as new limited partners. Blue Sage’s investors include a diverse group of limited partners such as large financial institutions, private equity fund of funds, prominent family offices, endowed trusts, government entities, and the partners of Blue Sage, who represent the largest commitment to the fund.

Blue Sage is led by founding members Peter Huff (pictured) and Jim McBride, and has a team of five investment professionals including Adam Norris, Chris Petrini, and Ali Williford. Eric Weiner, a former Berkshire Partners professional in Boston, is slated to join the team this summer after he completes his MBA at Stanford. The firm anticipates adding one or two additional investment professionals early next year.

Wells Fargo’s Tim Rafalovich, a senior member of the bank’s private equity fund investment team, says: “Blue Sage is a respected fund in the private equity industry. We appreciate their partnership and congratulate them on their recent successes.”

In its first fund, Blue Sage invested in 13 companies in a variety of industries. Blue Sage’s portfolio includes oilfield waste manager R360 Environmental Solutions; wastewater equipment company Ashbrook Simon-Hartley; pizza chain Mr. Gatti’s; and mannequin designer Fusion Specialties.

Blue Sage Capital II will continue Blue Sage’s strategy of investing in founder-owned businesses in Texas and the Southwest with USD3m to USD10m of cash flow, where Blue Sage can add value by partnering with management to build and grow great companies.

John Barnidge, a senior executive of R360 Environmental Solutions, a Blue Sage portfolio company that recently sold to Waste Connections, says: “Blue Sage has been an active and supportive partner, helping us grow in spite of difficult economic times, and leading us through a very successful recent exit. I look forward to continuing my partnership with the firm as an investor in Blue Sage Capital II.”

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