Thursday, 30 June 2016
Last updated 1 hour ago
Mar 19 2014 | 11:03am ET
Private-equity firm Paul Capital is closing its doors after its planned sale fell through.
San Francisco-based Paul will cease investing its 10th fund, wind down its portfolio and close all of its offices except its headquarters, The Wall Street Journal reports. Paul has as much as $300 million in open commitments that will be returned.
Paul, which was founded in 1991, buys private-equity stakes on the secondary market. The firm has been looking at strategic options for the past two years, after having difficulty raising its latest fund. Hamilton Lane has been negotiating a purchase of the firm, but that deal has collapsed.
Paul then turned to Goldman Sachs Asset Management, to no avail.
Paul will close its offices in New York, Hong Kong, London, Paris and São Paulo.