Carpenter & Co. to Seek $500 Mln Pool to Invest in Troubled Banks
Carpenter & Co., which is looking to invest in troubled banks, is expected to start fundraising this fall for its second fund, sources say. Irvine, Calif.-based Carpenter will be going out with a $500 million target, persons say. This is up from its first fund, Carpenter Community BancFund LP, which raised $280 million in 2009. Nearly all of Fund I has been deployed, persons say. Carpenter was founded in 1974 as bank consulting firm by Chairman and CEO Edward Carpenter. The PE affiliate was formed in 2006. In November 2008, the Federal Reserve awarded Carpenter bank holding status which allows it to take controlling positions (typically PE firms must keep their stakes below 24.9%).
4 August 2011•2 mins read
