Brightstar closing in on $750m target for debut fund

Brightstar, founded by former Lindsay Goldberg partner Andrew Weinberg, has inked its second deal as fund close looms.

Brightstar Capital Partners is gearing up to hold a final close on its debut fund at its $750 million target, Private Equity International has learned.

The firm is expecting to close the fund by year end, according to a source familiar with the matter. Placement agent Eaton Partners is working with the firm on the fundraise. It is understood the fund has attracted a diverse range of investors, led by foundations and endowments.

A filing with the US Securities and Exchange Commission in April showed the firm had raised $225 million.

Brightstar and Eaton Partners declined to comment on fundraising.

Andrew Weinberg, a former partner at Lindsay Goldberg, left the firm after 12 years to found Brightstar in July 2015. The firm seeks to invest between $50 million and $300 million per transaction in closely-held, mid-market companies, according to its website.

The firm filed documents for its debut fund, Brightstar Capital Partners Fund I, with the SEC in March 2016. That same month Brightstar announced its $50 million acquisition of a majority stake in business logistics provider Global Resale. Brightstar senior partner Tom Meredith was named Global Resale’s board chairman through the transaction, according to a statement from the firm at the time.

This week Brightstar closed its second investment in San Antonio-based Texas Water Supply Company. The business operates around 40 wells serving San Antonio and the surrounding Hill Country region, and will use the new capital to expand its production capacity, according to a statement.