Stone-Goff Partners Fund II has closed with merchant bank Carl Marks as an anchor investor.
The fund announced its first investment in mid-October in restaurant chain The Greene Turtle Sports Bar & Grille.
Fund II will invest between $6 million and $20 million in equity in founder-owned and businesses corporate carve-outs.
The fund was targeting $100 million, according to PEI’s Research & Analytics.
Previously, the lower mid-market firm focused on consumer and services sectors had invested on a deal-by-deal basis.
“When we looked into creating a fund, Katherine [Carl Marks executive vice president Katherine Boas] and Carl Marks were on our list because they had a history serving in incubation and in the anchor LP role,” Stone-Goff managing partner Hannah Stone Craven told Private Equity International. “When we met, it was just a great meeting of the minds in terms of their interest and history.”
Boas told Private Equity International that she and Craven met at a women’s industry conference last year and began talks.
“About a year and half ago, we made the decision as a firm to double-down to proactively build more businesses on our platform,” Boas said. “At the end of the day, there are lots of great investors out there but [Stone-Goff] was also a good cultural fit.”
Boas said Stone-Goff will be working from Carl Marks’ offices, and their physical presence will help run Stone-Goff’s businesses with access to resources of a larger, well-established firm.
Stone-Goff was formed in 2010 by Craven and Laurens Goff.