Blackstone spin-out launches $750m fund

Augusta Columbia Capital will invest between $30m and $150m in technology companies, and is one of a number of debut funds launched this year focused on the technology space.

The Blackstone Group spin-out Augusta Columbia Capital has launched its first fund targeting $750 million, according to a source with knowledge of the situation. 

Led by former Blackstone senior managing director Chip Schorr, the fund will invest between $30 million and $150 million in mid-market technology companies, the source said. Target segments within the technology space include healthcare information technology, IT services, telecom equipment, internet infrastructure and financial technology.

Former partner at Court Square Capital Partners James Urry has joined Augusta Columbia as a managing partner. Clay Albertson, who previously worked at Blackstone, is managing director at Augusta.

The firm was not available for comment at press time.

Technology has been a popular sector for new funds as of late. Earlier this month, SAC Capital spin-out Siris Capital Group received $45 million from the Teachers’ Retirement System of the State of Illinois for investments in mid-market telecom and healthcare companies. Siris launched in February and is reportedly targeting $400 million for its debut vehicle. Illinois invested in Siris through its emerging managers’ programme.

Earlier this year, San Francisco-based Francisco Partners closed its third fund focused exclusively on information technology investments. “Information technology remains one of the most dynamic, important and rapidly growing sectors of the global economy,” Francisco Partners co-founder and managing partner Dipanjan Deb said in March.

FP III closed on its $2 billion hard-cap and was placed by Lazard Freres.