Ridgemont Private Equity spins out of BofA

The firm, co-led by Travis Hain, will manage BofA assets and raise third-party capital.

A group of Bank of America private equity professionals has spun out to launch independent firm Ridgemont Equity Partners. 
The Charlotte, North Carolina-based firm will manage roughly $1.5 billion of the bank’s legacy private equity assets, as well as raise third-party capital. The Ridgemont team was formerly Banc of America Capital Investors (BACI). The team also has capital from the bank to invest in new deals.

Travis Hain

Ridgemont Equity Partners will focus on mid-market buyout and growth equity investments between $25 million and $100 million. The firm will target investments in sectors including consumer and retail, energy, healthcare, telecommunications and financial services. 
“Our plans call for us to wrap up fundraising sometime in 2012,” partner Travis Hain told PEO. “We’re expecting roughly a handful of deals over that time frame.”  The team is currently evaluating potential limited partners to approach for fundraising, Hain said.

The firm has already issued letters of intent for two investments. “One is a buyout and one is growth financing,”  added partner Trey Sheridan.

The Ridgemont team includes 17 professionals based in Charlotte, and two in Dallas. Ridgemont’s existing portfolio, valued at approximately $1.5 billion, represents roughly 23 percent of Bank of America’s private equity portfolio as of 30 June.