David Rubenstein’s family office has created a standalone secondaries firm, Hobe Mountain Capital, led by former internal executives, to acquire stakes in funds spanning private equity, venture capital, and real estate, according to a report by Bloomberg.
Rubenstein co-founded global investment firm Carlyle Group, and has a reported net worth of $6.3bn.
Hobe was cofounded by Alexa Rachlin, Rubenstein’s daughter. Its typical deal size is under $5m per transaction, with the firm looking to focus on deals that are typically too small for large institutional money managers.
The firm, which is now seeking US regulatory approval, has struck about half a dozen deals this year. The team are reportedly seeking to use their networks in the private assets space to specialise in the lower-to-middle corner of the market, where the absence of larger firms often leads to higher discounts.
