Former StepStone exec launches direct investment firm

James Gamett has launched Sweetwater Capital Partners to specialise in direct, co-investments and secondaries.

A former StepStone head of secondaries has launched a private equity firm Sweetwater Capital Partners to specialise in secondaries, direct investments and co-investments, Secondaries Investor reports.

James Gamett, who also founded healthcare services company Madison Creek Partners, will serve as managing partner of Sweetwater, according to a statement.

The new firm focuses on deals in venture capital, growth equity, leveraged buyouts and real estate, according to Gamett’s LinkedIn profile, which lists him as chief executive and founder of the firm in January.

Many institutions lack the resources to manage their private equity investments, and non-core investments, tail-end funds, pools of in-kind distributions, portfolio imbalances, and other factors can drag down overall portfolio performance, Gamett said in the statement.

“Those issues can be mitigated through active portfolio management, including accessing liquidity through secondary markets and building direct exposures, which typically outperforms the market,” he said.

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