Parish Capital Hands Keys to StepStone
Parish Capital, a North Carolina-based funds-of-funds manager with $2 billion under management, has agreed to be sold to StepStone, two individuals not associated with the firms confirmed to Buyouts. The deal is expected to close in January of 2012. Terms of the deal were not available. As part of the deal, two of Parish Capital’s three founders, Charles Merritt and James Mason, are unlikely to have active roles once the deal closes, the sources said. The firm’s third founder, Wendell McCain, left Parish Capital in 2010 to start a new firm, Onset Capital Partners. The three founders, all of whom graduated from the University of North Carolina, founded Parish Capital in 2003. One Parish investor, who was not authorized to speak publicly about the sale, said: “We felt that they were smart guys, but they’ve had a ton of turnover, and when you have that kind of turnover, you start to feel ...
