With’s ‘PE emerging managers to watch 2024’ rake in $4bn in tough fundraising climate
Even in a tough fundraising environment, new private equity managers have raised over $4 billion in commitments this year.
The haul shows that capital is still available for start-up private equity managers with good backgrounds and records.
LPs active in investing in emerging managers this year have included pension plans in California, Illinois, and New York.
As we enter Q4, With Intelligence has tracked 141 new private equity manager launches. There are 98 new GPs in North America. In Europe, there are 37 new GPs. Additionally, there are six new GPs in Asia, Latin America, and other regions.
Overall, With has covered 381 private equity fund launches through the end of Q3, with first-time GPs accounting for 37% of all launches.
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Ones to watch: where are they now?
| Manager | Fund | Founder(s) | Status | Raised | Notes |
|---|---|---|---|---|---|
| 3 Boomerang Capital | 3 Boomerang Capital I | Adam Dolder, Adam Elberg | Closed | $375m | Cleared $350m target |
| Astira Capital Partners | Astira Capital Partners Fund I | Azra Kanji | Closed | $675m | Cleared $500m target |
| Clipway | Clipway Secondary Fund | Vincent Gombault, Ingmar Vallano | Open | $1.5bn | Targeting $4bn |
| Coalesce Capital | Coalesce Capital Fund I | Stephanie Geveda | Closed | $900m | Cleared $750m target |
| Excolere Equity Partners | Excolere Equity Partners Fund I | Tony Miller | Open | $127.5m | Increased target from $300m to $400m |
| Noteus Partners | Noteus Partners Centaur | Yann du Rusquec, Nathalie Bruls, Zoe Fabian, Guillaume d'Audiffret | Open | - | Targeting €600m |
| Osprey Investors | Osprey I | Thomas Weisman | Open | - | Added ex-Advent partner Nick Rose in September |
| Otro Capital | Otro Capital Fund I | Alec Scheiner, Brent Stehlik, Niraj Shah, Isaac Halyard | Open | $275m | Targeting $500m |
| Triple Private Equity | Triple Private Equity Fund I | Mads Hansen, Ben Shepherd | Open | - | Targeting €400m. Backed by Wafra |
| Visualize Group | Visualize Strategic Evergreen Partners | CC Melvin Ike | Open | $180m | Targeting $1bn. Backed by TPG |
Source: With Intelligence data, SEC filings
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3 Boomerang Capital | Founders: Adam Dolder, Adam Elberg | Growth, Buyout | Greenwich | Healthcare
3 Boomerang wrapped up fundraising just five days after With Intelligence published its 2024 list of firms to watch.
The Greenwich-based manager surpassed its $350m target, closing on over $375m in commitments from LPs including Illinois TRS, LA ERS, and LA Fire & Police.
Dolder and Elberg have recruited a team of 10 professionals and announced an investment in Analytical Biological Services in June.
Astira Capital Partners | Founder: Azra Kanji | Buyout | Boston | Tech, software
Boston-based Astira Capital Partners, one of several women-led firms on the list, gained backing from LA Fire & Police, according to With Intelligence data.
The firm’s inaugural fund Astira Capital Partners Fund I held a one-and-done final close in October 2023, just five months after its launch. The fund pulled in $675m, well above its initial $500m target.
The manager completed its first investment in supply chain spend management business ConData Global this summer.
Clipway | Vincent Gombault, Ingmar Vallano | Secondaries | London, New York
Led by Ardian co-founder Vincent Gombault, secondaries-focused Clipway was one of the most hotly tipped launches of 2023.
The firm, which received backing from General Atlantic and Carmignac Investments, set an ambitious $4bn target for its debut fund, which would be one of the largest first time funds ever raised.
Clipway Secondary Fund had raised around $1.5bn, or 40% of its target, as of September, according to With Intelligence reporting.
The firm has been actively hiring this year, including the addition of another Ardian veteran, Benoit Verbrugghe, as a managing partner in London in September. Verbrugghe spent 25 years at Ardian between Paris and New York.
Coalesce Capital | Founder: Stephanie Geveda | Growth, buyout | New York | Business services
Ex-Warburg Pincus business services head Stephanie Geveda launched Coalesce Capital in January 2023 and rapidly won backing from several large public pension plans for her debut fund.
Coalesce Capital Fund I held its final close in February this year at $900m – 20% above its original $750m fundraising target, with LPs including CalPERS, Illinois Municipal Retirement Fund, and New York State CRF.
Since closing Fund I, Coalesce has made a number of key additions to its senior team, including ex-Sentinel Capital Partners pro Jonathan Gurss, a partner on its investment team; Christian Diez as CFO/COO; and Two Sigma alum JJ Hearty, who heads up business development.
Noteus Partners | Yann du Rusquec | Growth | Paris | Technology
Eurazeo’s Yann du Rusquec, Nathalie Brüls, Zoé Fabian, and Guillaume d'Audiffret, all departed the firm in summer 2023 to launch Noteus Partners, a late-stage venture and growth investor.
The firm has established offices in Paris, London and Berlin, with another outpost in Madrid on the way, and has quietly built a team of 14 – including 10 investment professionals.
Over the past year, Noteus has reportedly put about €300m to work across six investments and is now kicking off fundraising for its debut fund, Noteus Partners Centaur, which will have a fundraising target of €600m.
Osprey Investors | Thomas Weisman | Growth, buyout | London | B2B software, payments
Former Advent International director Thomas Weisman started Osprey Investors in early 2023 and registered its first fund, the Jersey-domiciled Osprey I, a few months later.
Osprey is primarily focused in the European B2B software and payment markets, investing across minority and majority stakes. The firm is using Langham Hall as its UK regulatory hosting platform.
The firm had remained relatively under the radar since its launch last year, but that changed in late summer with a flurry of hires.
Former Conduit Capital and C5 Capital exec Robert Quirke joined in August as CFO, while Weisman’s former Advent colleague, Nick Rose, joined the firm in September, according to Companies House filings.
September also saw the addition of ex-Providence Equity Partners analyst António de Pinho as a senior associate.
Excolere Equity Partners | Founder: Tony Miller | Buyout | Los Angeles | Education, human capital
Excolere Equity Partners, led by ex-Vistria Group senior partner Tony Miller, has attracted a lot of buzz since its launch in late 2023.
“They have unequivocally the best profile in terms of investing in the education sector,” an investor at a large alternative FoF manager told With Intelligence in January.
Excolere Equity Partners I – which was seeded by GCM Grosvenor’s Elevate strategy – initially launched with a fundraising target of $300m but has since upped that to $400m amid enthusiastic responses from institutional LPs.
In July, the fund received a $15m commitment from the New York State Common Retirement Fund, according to With Intelligence data.
The firm has also continued to staff up in recent months, bringing in ex-Freeman Spogli pro Annie Choi as CFO in April.
Otro Capital | Founders: Alec Scheiner, Brent Stehlik, Niraj Shah, Isaac Halyard | Growth, buyout | New York | Sports, media, gaming, entertainment
Otro Capital, launched by the former direct sports investing team at Redbird Capital Partners, is one of the most hotly tipped private equity funds in an increasingly competitive sports market.
Led by Alec Scheiner, Brent Stehlik, Niraj Shah, and Isaac Halyard, the firm has built a team of eight, including ex-Carlyle pro Chloe Cheng, who joined in February as CFO.
The firm officially kicked off marketing for its debut fund, Otro Capital Fund I, in March, with a $500m target, and according to its inaugural ADV filing in July has just over $275m in discretionary AuM.
In September, the firm announced a deal alongside Bolt Ventures and Charterhouse Capital Partners to invest in Two Circles, a tech-enabled services company which handled ticketing for the Paris Olympics and Paralympics.
Triple Private Equity | Founders: Mads Hansen, Ben Shepherd | Growth | Copenhagen/London | Software, B2B, technology
Triple Private Equity was founded in August 2023 by Mads Hansen, a former partner at Hg Capital, and Ben Shepherd, the former head of strategy at Refinitiv.
The firm, which has offices in Copenhagen and London, focuses on investments in software and technology businesses across Europe.
Triple Private Equity has had a busy 2024, building a team of 11 including ex-Nordic Investment Opportunities COO Brian Nordlund, and kicking off fundraising for its debut fund, which has a target of €400m.
In July, the manager received a strategic investment from Wafra’s GP stakes program, Capital Constellation, which backs emerging GPs in North America and Europe.
The Visualize Group | Founder: C.C. Melvin Ike | Buyout | New York | Business, industrial, TMT services
C.C. Melvin Ike, who spent four years in Blackstone’s Tactical Opportunities Group, launched the Visualize Group in August last year and secured an anchor investment from TPG’s NEXT Fund.
Visualize will pursue a value-oriented hybrid strategy targeting control and non-control investments in public and private companies, as well as pursuing toeholds and take-private deals.
Investors will have the option to invest in side-by-side vehicles to gain exposure to either the public or private markets strategy, or both.
Ike is understood to be targeting upwards of $1bn across the various vehicles. According to the firm’s most recent ADV update in September, it currently has around $180m in AuM.