Perella Weinberg Closes P.E. Fund At $600M

Oct 1 2014 | 11:42am ET

Perella Weinberg Partners has closed its PWP Growth Equity fund with $600 million.

The fund, which handily exceeded its original $400 million target, is a private equity investment strategy focused on primarily U.S.-based growth-oriented companies in the lower middle market, spanning the consumer, services and industrial sectors.

The fund was co-founded by Weston Presidio vets David Ferguson and Chip Baird, who joined the New York-based boutique investment banking firm in 2012.

Ferguson, a 25-year private equity vet and former partner at Weston Presidio, was also a partner at JPMorgan Partners (and its predecessor organizations, Chase Capital Partners and Chemical Venture Partners) and has worked in the mergers and acquisitions group of Bankers Trust and Prudential Securities.

Baird, a 15-year industry vet, was also a Weston Presidio partner. Prior to that he was a p.e. investor with The Beacon Group, where he focused on industrial services, energy and general manufacturing companies. Baird began his career in the Investment Banking Division at Merrill Lynch.

Said Ferguson in a statement: “We are thrilled to announce the final close of the PWP Growth Equity fund and are especially excited about the quality and breadth of our investor base. We feel strongly about the opportunities to create value through growth in the lower middle market.”

Added Baird: “By forming partnerships with management teams, we seek to leverage our expertise and resources to help companies in the lower middle market realize their growth potential. David and I have worked together for over 10 years and we look forward to building on our record of creating value.”

The fund has already made three acquisitions: Trench Plate Rental Company, a provider of trench safety equipment; Youfit Health Clubs, a chain of value-priced fitness clubs; and Fashion to Figure Investment, a fast-fashion, plus-size retail chain.

Barclays Capital served as placement agent for a portion of PWP Growth Equity and Weil, Gotshal & Manges provided fund formation counsel.   

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