Maryland-based private equity firm Blackstreet Capital Management has announced that its Blackstreet Capital Partners II fund has raised USD91m at its first closing, out of an eventual
Maryland-based private equity firm Blackstreet Capital Management has announced that its Blackstreet Capital Partners II fund has raised USD91m at its first closing, out of an eventual target of USD125m.
‘We are grateful for the confidence and support of both our long-time and new investors,’ says Blackstreet founder and managing partner Murry N. Gunty. ‘This fund will allow us to capitalise on the unique opportunities we anticipate in 2009 and beyond.’
The firm’s first fund, Blackstreet Capital Partners, acquired or invested in 14 companies with a combined more than USD1.2bn in annual revenue and has returned an average of 5.5 times invested capital on realised transactions.
Blackstreet specialises in rescuing and turning around distressed small and mid-sized companies with unique assets and unrealised market potential.
‘We invest the human and financial capital necessary to position distressed companies to operate successfully and profitably in the long term,’ Gunty says.
‘Over the past five years, our investments have saved more than 6,000 jobs for employees and local communities, while providing significant returns for our investors.’
Blackstreet, which has a total of more than USD175m in capital under management, invests in a range of industries, including manufacturing and distribution, restaurants, specialty retail, business services and healthcare.
The firm’s advisers include Kenneth Duberstein, a former chief of staff to President Ronald Reagan, and Thomas McLarty, a former chief of staff to Bill Clinton, as well as lobbyist Thomas Hale Boggs and Carlyle Group founder Edward J. Mathias.
