Apax veterans raise debut retail fund

LNK Partners, the inaugural fund from Apax Partners veterans David Landau and Henry Nasella, has set a target of $400m for its first vehicle. The firm will focus exclusively on the retail and consumer sector.

LNK Partners, the debut private equity fund from Apax Partners alums David Landau and Henry Nasella, has started fundraising, according to documents filed with the Securities and Exchange Commission. The firm’s inaugural fund, LNK Partners LP, is seeking $400 million (€326 million) and has so far received $117 million in commitments.

LNK is also raising a parallel fund that has accumulated $19 million of a targeted $30 million.

The “L” and the “N” in the firm’s banner stand for Landau and Nasella, respectively, while the “K” represents Bruce Klatsky, the firm’s third partner, who had previously served as chief executive and chairman of clothier Phillips-Van Heusen.

Bruce Klatsky: The former Phillips Van Heusen head has launched his first private equity fund.

LNK is based in White Plains, New York, and specialises in investments in the consumer and retail sectors. At Apax, Landau had led a number of the firm’s retail acquisitions, including deals for outdoor clothing maker Spyder Active Sport, dollar-store retailer Greenbacks Inc. and fitness chain Life Time Fitness.

Nasella, meanwhile, had been a venture partner at Apax, and prior to his time there, had worked on the management buyout of grocery chain Star Markets, where he served as chairman and CEO for a stretch. Previously he had served as COO and president of Staples, an office supplies retailer.

Landau was a 14-year veteran at Apax Partners, while Nasella had spent four years with the firm. Klatsky had spent 33 years at Phillips-Van Heusen, before ultimately stepping down from the post last summer, just a few years after Apax helped the company fund its acquisition of Calvin Klein.

Credit Suisse First Boston has been hired as placement agent to help market the fund.