Paul Capital names three partners

The New York-based private equity firm has named three new partners to its royalty and secondary funds.

New York-based Paul Capital Partners, a royalty, secondary and fund of funds specialist has announced a number of promotions, including three new partners at the firm.

Clarke Futch, partner,
Paul Capital Partners

Clarke Futch has been named a partner on the firm’s healthcare royalty team, which invests in revenue streams and royalty interest deals in the medical sector. Futch joined the firm in 2001 and has since closed more than 80 transactions. Before joining Paul, Futch worked in the healthcare investment banking group at Thomas Weisel Partners, a division he also helped start in 1999.

Jean-Pierre Naegeli has also been named a partner on the royalty fund. With Paul since 2000, Naegeli works on sourcing and structuring the firm’s royalty transactions. He formerly worked with Johnson & Johnson, including a stint at the healthcare product company’s development corporation, which makes strategic and venture investments. The firm’s last royalty-focused fund, Paul Royalty Fund II, closed on $653 million (€532 million) in the summer of 2003.

Brian Sullivan was named a partner with Paul’s secondary group, which focuses on deals in the secondary investment market. Sullivan has been with the firm since 1998 and evaluates and negotiates secondary transactions. In addition to working with Boston Consulting Group, Sullivan was a surface warfare officer with the US Navy’s nuclear power program. All three were formerly principals at Paul.

Daniel Mulderry was named a principal with the secondary group. Mulderry performs research and analysis for the group, as well as sourcing, negotiating and closing deals. Paul Capital Partners VIII closed in 2004 with $960 million (€783 million) in committed capital for secondary market investments.

Paul Capital Partners was founded in 1991 when Philip Paul acquired 42 venture capital and LBO fund positions from The Hillman Company, investment office of the Hillman family. The firm also has offices in San Francisco, Paris and London.