Paine & Partners promotes two in San Francisco

Managing directors Angelos Dassios and Andrew Freeman have been made partners, says founder Dexter Paine.

Mid-market investor Paine & Partners has promoted former managing directors Angelos Dassios and Andrew Freeman to partners in its San Francisco office, bringing the total number of partners at the firm to five.

Dassios joined the firm in 2002 before its name was changed from Fox Paine to Paine & Partners, and helped the firm invest its second fund before leaving for two years to pursue outside interests. He rejoined in conjunction with the raising of Paine & Partners’ third fund, which closed on $1.2 billion in 2007. Dassios previously worked as an analyst in the investment banking division of Goldman Sachs.

Freeman joined the predecessor firm in 2005 from Fremont Partners where he evaluated and negotiated investments in a number of companies. He was previously an associate at MSD Captial, Michael Dell’s private investment firm. 

Paine & Partners’ third fund is roughly 50 percent invested, and the firm will look to become more fully invested in 2011.

“We’re spending the majority of our time in the food and agriculture business,” founding partner Dexter Paine told PEO. The firm made several add-on acquisitions and one platform acquisition in 2010, leading an investor group to acquire R360 Environmental Solutions, an independent provider of environmentally conscious waste disposal, recycling and treatment solutions to oil and gas producers.

“Our first goal is to get ourselves 80 to 90 percent invested in Fund III before we start thinking about Fund IV,” Paine said.

Since its founding, Paine & Partners has invested $2.1 billion in 19 platform companies and made 67 follow-on acquisitions in over 20 countries, representing $6.9 billion in enterprise value. The firm has offices in San Francisco, Chicago and New York.