New York-based Perella Weinberg Partners has closed its PWP Growth Equity Fund on $600 million. The fund exceeded the original $400 million target.
The fund will focus on US-based growth oriented lower middle market companies in the consumer, services, and industrial sectors.
The fund was co-founded by partners David Ferguson and Chip Baird, who joined the firm in 2012. Together with its affiliates, Perella has capital commitments and managed assets of approximately $11.4 billion.
The fund is already invested in three companies – Trench Plate Rental Company, a provider of government-mandated trench safety equipment to the underground construction industry; Fashion to Figure, a fast-fashion retail chain dedicated exclusively to plus-size women, and Youfit Health Clubs a fitness franchise.
Barclays Capital Inc. served as a placement agent for a portion of PWP Growth Equity and Weil, Gotshal & Manges LLP provided fund formation counsel.
Last month, Perella Weinberg Partners brought on Stefan Green, formerly of Goldman Sachs as partner to head up the firm’s TMT efforts out of the San Francisco office. The firm also purchased Berlin’s Tacheles building, a former department store that has been occupied by squatters for a number of years. Perella plans to re-develop the site into a mixed-use area including shopping, apartments, and a hotel.