Brightstar Capital Partners, a private equity firm that invests in closely held middle market companies, has closed its inaugural fund program in excess of GBP710 million of institutional capital from investors worldwide.
The sum is one of the largest first-time private equity fundraises in the last year, according to data from PitchBook. Commitments come from a diverse set of institutional investors including several university endowments, high net worth investors, pension funds, private foundations, family offices and insurance companies.
Andrew Weinberg, Brightstar’s Founder and Managing Partner, says: “We are gratified by the enthusiasm and extraordinary level of support the institutional investment community has given us throughout this process, especially for an inaugural fund. Our team is poised to continue executing on our operational value-add strategy for our new and existing portfolio companies.”
Brightstar’s investment strategy is focused on control-oriented investments in North American middle market companies. The firm invests in closely held or family-owned businesses where it can leverage the operating and investment experience of its team to drive significant value over the long term.
Brightstar has already deployed capital from its funds in two investments. The first was a majority stake in Global Resale LLC, an Austin-based company that is a leading, global provider of aftermarket services and reverse logistics, focused on resale, buyback and disposition of technology devices. In October 2017, Brightstar closed an investment in Texas Water Supply Co, which operates approximately 40 groundwater wells serving San Antonio and the surrounding Hill Country region. The firm’s investment will help Texas Water Supply provide reliable and sustainable water to the fast-growing region.
“Brightstar is the preferred partner to help take family-owned and closely held businesses to the next level as they continue to grow and pass through generational ownership,” adds Weinberg.
Eaton Partners served as the exclusive placement agent and Simpson Thacher & Bartlett LLP served as legal counsel.
