Stonetree targets $200m for fourth FoF

Formerly SPC Capital Management, Stonetree will target buyouts, mezzanine debt and venture capital, with about 30% of its fund invested in the energy and power sector.

Illinois-based Stonetree Capital Management has raised $50 million for its fourth fund of funds, which has a $200 million target.

The fund will invest in buyouts, mezzanine debt and venture capital, with about 30 percent focused on energy and power investments. Formerly SPC Capital Management, a fund of funds focused on buyouts, venture capital and other alternative investment funds, Stonetree spun out and rebranded as Stonetree Capital Management in April 2011. The group’s first three funds of funds have generated annualised returns of 9.3 percent, 8.7 percent and 4.4 percent, according to the firm.

Stonetree typically invests in 12 to 15 separate partnerships per fund, investing primarily in North America, with a smaller allocation to Western Europe.

The firm is not using a placement agent for Fund IV.

Former SPC founder Patrick Casey is the managing member of Stonetree. He previously was the chief investment officer for four insurance companies owned by The Signature Group, a wholly owned financial service company of Montgomery Ward. Casey was also chief pension officer for Montgomery Ward’s $1.2 billion defined benefit and defined contribution plans. Prior to joining Montgomery Ward, Casey was chief investment officer at Federal Life Insurance Company in Chicago.

Stonetree has approximately $ 100 million of assets under management.