Juniper Capital launches ‘fund-less sponsor’ vehicle

The Texas PE firm is seeking opportunities in industrials, infrastructure and manufacturing in the US.

Juniper Capital Management, a newly established, Texas-based private equity firm, has launched the $3.2 million Juniper Alternative Investment Fund, founding partner Louis Grabowsky said.

Speaking to Private Equity International, Grabowsky described the fund as a fund-less sponsor. Such funds operate like traditional PE firms in terms of investment strategy but without committed capital.

Fundraising for this vehicle began on 23 June targeting $3.2 million and has raised $3.175 million from investors, according to a US Securities and Exchange Commission filing. 

“You do the fund, in essence, on a deal-by-deal basis,” Grabowsky said. “We don't request capital until we find deals.”

The fund will focus on opportunities in the Midwest and southwest US, in middle-market manufacturing, industrial services and products, and infrastructure services companies. However, the fund is open to any geography in the US, Grabowsky noted.

“We hope, over the next three to five years, to do three to five quality deals,” he said. The fund is open-ended.

Juniper is seeking investment opportunities in US companies with about $10 million to $75 million in annual revenue, according to the firm's website.

Prior to founding Juniper, Grabowsky served as the chief operating officer of Grant Thornton in Chicago from 2009 to 2013. His son, Juniper co-founder Bryan Grabowsky, was previously vice president of Lone Star Investment Advisors.