Evercore hires former Perseus director as it raises $1bn

Ray Newton has joined the publicly listed investment firm’s private equity unit. The addition allows Evercore to ‘promptly begin to raise [its] third private equity fund'.

US investment firm Evercore Partners has appointed former Perseus managing director Ray Newton as a senior managing director in its private equity group, Evercore Capital Partners.

Newton was previously a senior managing director at middle market-focused private equity firm Perseus. During his nine years with the firm, he played a major role in several middle market transactions including the firm’s $305 million exit of shoe company Converse to Nike.

Prior to joining Perseus, Newton was the youngest general partner in the history of private equity and subordinated debt specialist JH Whitney & Company, where he worked alongside Evercore co-head James Matthews.

At Evercore, Newton will join the investment committee alongside Matthews, Neeraj Mital and Kathleen Reiland.

His hire completes the firm’s senior investing team, Roger Altman, Evercore chief executive, said in a statement. He added the firm will “promptly begin to raise our third private equity fund”, which is targeting $1 billion (€712 million), according to the Probitas Partners 2008 Private Equity Deskbook. Evercore is also marketing a $100 million Mexico-focused fund.

Last year, Evercore hired Matthews from Welsh Carson Anderson & Stowe.