Spring Lake Equity Partners has collected $122 million for its first independent fund since spinning out of Boston-based Tudor Investment Corporation in July.
The fund has a $250 million target, according to documents filed with the US Securities and Exchange Commission. The principals of Spring Lake previously ran the private equity arm of Tudor, a global hedge fund group.
Spring Lake’s debut fund will make investments between $7 million and $15 million in later-stage growth companies. Target companies will be technology-oriented businesses operating in the software, digital media, mobile, and healthcare IT sectors and will have between $8 million and $100 million of revenue. Spring Lake aims to be the first institutional investor in each company, according to its website.
Spring Lake manages two of Tudor’s three private equity funds, the most recent of which closed in 2007 on $262 million, according to a source familiar with the matter. Spring Lake also manages the portfolio companies from Tudor’s private equity arm, including Los Angeles-based digital media and e-commerce company Vantage Media and Utah based internet mobile & data center Adaptive Computing.
Managing partners Bob Forlenza and Carmen Scarpa, formed Tudor Investment’s private equity arm in 1995 and now lead Spring Lake. Partners Jeff Williams, Dan MacKeigan and Jon Danielson make up the rest of the firm’s investment team, which has been working together since 2001. The firm’s investment team have invested more than $650 million in 75 companies.