Granite Hall Partners holds first close on fifth fund

The Chicago-based fund of funds turns its eye back to private equity

Chicago-based Granite Hall Partners has held a first close on its fifth fund the Granite Hall Partners Credit Opportunity Fund on $10 million. The fund has a $50 million target.

The initial investment comes from seed capital sourced from family offices and high net worth investors.

The fund will be targeting alternative mangers including private equity funds and distressed debt managers.

Granite Hall declined to comment on fundraising.

The Fund has already made its first commitment to Apollo Credit Opportunity Fund III. That fund closed on $2.76 billion this month, above the $2.5 billion target.

Granite Hall expects to raise capital for its vehicle for the next nine to 12 months.

Granite Hall was founded in 2000 by former NFL player Jim Flanigan and former Washington Redskins executive John Wagner. Since then, the firm has raised five vehicles for investments in hedge funds, private equity and real estate. On the private equity side, the investment team focuses on higher-tier leveraged buyouts.

SVP I the firm’s first fund which closed in 2002, placed capital in funds managed by Madison Dearborn Capital Partners, Thomas H. Lee and Blackstone Capital Partners.