New York, NY – New York Life Investments today announced Apogem Capital as the new brand for its dedicated private markets alternatives boutique, bringing together the capabilities and investment teams of GoldPoint Partners, Madison Capital Funding and PA Capital. Apogem Capital has approximately $37 billion in assets under management1 making it a leading provider of a broad range of private capital solutions tailored to middle market companies.

Leveraging its combined expertise and strong market presence, Apogem Capital is well positioned to offer sponsors and their portfolio companies access to a streamlined suite of capital solutions. These include direct lending, junior debt, primary and secondary private equity fund investments as well as equity-co-investments, GP stakes, real assets and long/short equity. In moving forward, Apogem Capital seeks to deliver powerfully comprehensive thinking to spark ideas, new strategies and new possibilities across the alternatives landscape. At the same time, it retains a deep commitment to its proven investment processes, experienced investment teams, and deep sourcing relationships across the entirety of the middle market.

“With the largest alternative investors seeking to allocate more capital with fewer firms, we recognized that there is a significant opportunity to bring together the collective strengths of New York Life Investments’ alternatives boutiques for the benefit of Apogem’s investors and private equity sponsors alike,” added Christopher Taylor, CEO of Apogem Capital. “At Apogem Capital, our entire team is excited about the opportunities ahead to leverage our middle market expertise to unlock meaningful value across the private equity ecosystem.”

“Through our boutiques, New York Life Investments has been at the forefront of investing in the private markets for more than two decades,” said Yie-Hsin Hung, CEO of New York Life Investment Management and Chairman of the Board at Apogem Capital. “We believe that Apogem Capital will not only be able to generate attractive investment opportunities in the private markets but will also build upon its strength in private equity and debt to create even more value for our investors, clients, sponsors and partners.”

“As a company rooted in partnership and collaboration, we now have the combined scale, expertise and capabilities to better compete in the global marketplace and achieve our strategic growth aspirations,” concluded Chris Taylor. “We believe Apogem Capital is uniquely positioned to take alternative investing to new heights.”

As a result of the combination, the New York Life Investments Alternatives brand will be retired in favor of Apogem Capital, which launches with a new brand identity, logo and website to reflect the unified brand of the boutiques and forward-looking strategy.

About New York Life Investments

With over $700 billion in assets under management2 as of December 31, 2021, New York Life Investments3 (www.newyorklifeinvestments.com) is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company (New York Life), and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest4 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies5.

Media Contacts

Allison Scott

allison_scott@nylim.com

Kate Sylvester

ksylvester@sloanepr.com

[1] AUM is estimated and unaudited as of December 2021. AUM includes non-discretionary and co-advised assets, as well as assets managed for New York Life and certain of its subsidiaries.  All other data as of December 31, 2021 unless otherwise noted.

[2] AUM includes Assets under Administration.

[3] “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

[4] Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.

[5] Individual independent rating agency commentary as of 9/30/2021: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

Richmond, VA – PA Capital (“PA” or “Firm”), a leading private equity investor in the North American middle market, held final closes for two of its private equity funds earlier this year. The Firm closed its ninth flagship private equity fund, PA Small Company Private Equity Fund IX (“Fund IX”) at $473 million, above its $350 million target. The Firm also closed PA Small Company Co-investment Fund II (“Co-invest II”) at its $200 million hard cap. 

Consistent with PA’s predecessor multi-manager funds, Fund IX invests with an emphasis on the lower end of the middle market, building a diversified portfolio of fund investments, co-investments, and secondary investments. Co-invest II seeks to capitalize on the firm’s co-investment deal flow generated through its deep GP relationships. 

Chris Stringer, President of PA said, “We are excited to close two successful fundraises and are grateful for the continued support of our LPs. Both funds are demonstrating strong results out of the gate implementing the strategy and process we’ve refined over the last 20 years.” 

PA’s private equity program has continued to find value in today’s private equity market while remaining focused on generating returns through business building strategies instead of financial leverage. In a period of record high valuations, PA’s strategies have continued to find what the team believes are attractive opportunities at below market purchase multiples. The two funds’ limited partner base consists of new and existing institutional investors including pension plans, foundations, endowments, insurance companies, and family offices. PA employees and the firm’s parent organization, New York Life, also made meaningful commitments. 

About PA Capital 

PA is a specialized private investment firm managing over $7 billion in assets across private equity, private real assets, and long/short equity.1 PA provides access to the middle market through targeted portfolios of fund investments, secondaries, and direct co-investments. The firm’s competitive advantages are a result of 20+ years of dedicated middle market focus, enabling its team to build relationships, proprietary data sets, and specialized underwriting tools. PA is a wholly owned subsidiary of New York Life Investments Alternatives LLC, which is a wholly owned subsidiary of New York Life Insurance Company through New York Life Investment Management Holdings, LLC. 

Media Contacts 

Allison Scott 

allison_scott@nylim.com

Kate Sylvester 

ksylvester@sloanepr.com

 

[1] Estimated as of December 31, 2021

Southlake, TX – Gauge Capital (“Gauge” or the “Firm”), a leading growth-oriented middle market private equity firm, is pleased to announce that RidgeLake Partners (“RidgeLake”) has made a strategic investment in the Firm. Specific terms of the transaction were not disclosed.

The investment from RidgeLake, a partnership between PA Capital and Ottawa Avenue Private Capital that focuses on acquiring minority equity stakes in middle market private equity firms, is expected to support the future growth of Gauge and its investment activities across the healthcare, technology, business services, government & industrial services, and food & consumer sectors. There are no planned changes in Gauge’s investment processes nor day-to- day management of the Firm.

“We are excited to have RidgeLake as a strategic long-term partner for Gauge through the next phase of our firm’s growth,” said Drew Johnson, Co-Founder and Managing Partner of Gauge. “The RidgeLake team brings over 40 years of combined experience as a value-added investor and capital partner to leading private equity firms. We believe their thought leadership in the middle market makes them an ideal strategic partner as we strive to deliver superior returns for our investors,” commented Tom McKelvey, Co-Founder and Managing Partner of Gauge.

“Having known Gauge since their inception, we have witnessed their historical ability to deliver outstanding performance through a long-term, sustainable approach to value creation. We believe Gauge is well-positioned to capitalize on the growth opportunities emerging within their targeted sectors for years to come,” said Todd Milligan, Co-Head of RidgeLake Partners. “As the largest investor in their own funds, Gauge has built strong alignment with their investors, portfolio companies, and employees. We are excited to help Gauge further strengthen this alignment going-forward,” added Michael Lunt, Co-Head of RidgeLake Partners.

About Gauge Capital

Gauge Capital is a leading middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: healthcare, technology, business services, government & industrial services, and food & consumer. The firm manages over $2.0 billion in capital and in 2020, Inc. Magazine named Gauge one of the top 50 private equity firms for founders. In 2021, Gauge was also named to the Top 50 PE Firms in the Middle Market by Grady Campbell. For more information, please visit: www.gaugecapital.com

About RidgeLake Partners

RidgeLake Partners is a strategic partnership between PA Capital and Ottawa Avenue Private Capital focused on acquiring minority equity stakes in successful middle market private equity firms. RidgeLake seeks to partner with firms focused on buyout, growth, distressed, secondaries or real assets strategies across the private markets. RidgeLake forges long-term relationships with its GP partners, and brings strategic counsel borne from more than 40 years of combined middle market investment experience.

Buffalo, N.Y.  – Summer Street Capital Partners, LLC (“Summer Street”) is pleased to announce the closing of a continuation fund transaction, continuing Summer Street’s control ownership in Coastal Waste & Recycling, Inc. (“Coastal”), and reaffirming its commitment to supporting the company’s long-term growth strategy.

Summer Street partnered with PA Capital to form a Summer Street managed single-asset continuation fund that includes substantial additional capital to support Coastal’s organic and M&A growth strategy. The fund is capitalized primarily by funds managed by PA Capital and co-investors, Glouston Capital Partners, and Unigestion. Coastal remains a portfolio company of Summer Street with no change in control. Summer Street’s leadership team also expanded its investment commitment to the new continuation fund.

Founded in 2017 by Summer Street and CEO, Brendon Pantano, Coastal is an integrated waste services company providing waste collection, processing, and recycling services to residential, municipal, industrial, and commercial customers throughout Florida and expanding in the Southeast region. Over the past few years, Coastal has significantly expanded its operations and geographic footprint through organic growth and the completion of 14 acquisitions. Today the company operates 11 facilities across its footprint, employing over 450 people and operating over 250 trucks.

“With a talented, energetic team and substantial long-term growth opportunity in front of Coastal, it was a natural next step to raise additional capital,” commented Brian D’Amico, Managing Partner at Summer Street Capital. “The new fund provides Coastal the capital and time to continue its growth. We are excited to continue to support Coastal and help the leadership team capitalize on the many opportunities that exist for the company.”

“Since we started the company a few years ago, Coastal has established itself as a leading independent waste services company in Florida. Summer Street’s deep industry experience and support has allowed us to build a strong platform focused on providing exceptional service for our customers,” said Brendon Pantano, CEO of Coastal. “I look forward to continuing the partnership and further accelerating Coastal’s growth organically and through acquisition.”

Managing Director at PA Capital, Michael Zeleniuch stated, “We believe Summer Street has a strong 20- year track record of building leading regional solid waste platforms. We are excited to partner with Summer Street and the Coastal Waste team as they continue to build lasting value in the platform.”

Sixpoint Partners served as Summer Street’s exclusive financial advisor on the transaction. Terms of the transaction were not disclosed.

More information on Coastal Waste & Recycling can be found at www.coastalwasteinc.com.

About Summer Street Capital Partners

Summer Street Capital Partners, LLC, founded in 1999, is a Buffalo, NY-based private equity fund manager with committed capital focused on investing in small and middle-market companies in manufacturing as well as business and environmental services. The firm is a leading investor in the environmental services sector, with nearly 20 years of experience acquiring and building companies in waste collection, transportation, and disposal across the eastern United States. Summer Street’s investments support management buyouts, family transitions, corporate divestitures, growth financings, and recapitalizations. Visit www.summerstreetcapital.com for additional information.

About PA Capital

PA Capital (formerly known as Private Advisors) is a specialized private investment firm managing over $6 billion in assets as of June 30, 2021. The firm provides access to the Low Mid Market, investing in Private Equity, Private Real Assets, and Long/Short Equity and constructing targeted portfolios of fund investments, secondaries, and direct co-investments. PA Capital’s competitive advantages are a result of 20+ years of dedicated focus on the Low Mid Market, enabling the team to build strong relationships, proprietary data sets, and specialized underwriting tools. PA Capital LLC is a majority-owned subsidiary of New York Life Investments Alternatives LLC, a wholly owned subsidiary of New York Life Insurance Company through New York Life Investment Management Holdings, LLC. www.pacapital.com

New York – Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, today announced a strategic partnership led by funds managed by Blackstone’s GP Stakes business (“Blackstone”) and including RidgeLake Partners (“RidgeLake”). As investors with deep experience partnering with top-tier private equity firms, Blackstone and RidgeLake take a long-term approach to collaborating with general partners. Blackstone and RidgeLake are providing primary equity capital as minority investors.

Blackstone’s GP Stakes business specializes in value-added, long-term partnerships with leading private-market alternative asset managers. The partnership will give Sentinel’s portfolio companies access to Blackstone’s group purchasing programs, which leverage the buying power of the $150 billion revenue base across Blackstone’s entire investment platform. Sentinel will also be able to draw from a wide range of other services Blackstone provides internally and to its portfolio companies, including sustainability, ESG and cybersecurity.

The investment from RidgeLake, a partnership between PA Capital and Ottawa Avenue Private Capital, will give Sentinel access to additional sources of potential deal flow and industry know-how. RidgeLake brings more than 40 years of experience as an active private markets investor and industry thought leader in the middle market.

“In Blackstone and RidgeLake, Sentinel has partnered with two outstanding firms that we believe bring significant strategic value,” said John McCormack, Co-Founder and Senior Partner. Added David Lobel, Sentinel’s Founder and Managing Partner, “Blackstone is sharing with us the resources of its extraordinary platform, which we expect to bring tangible advantages in terms of value creation and proprietary intellectual capital. And RidgeLake’s broad network and unique set of industry relationships open new possibilities for expanding our deal flow and augmenting our operating capabilities. These exciting enhancements have the potential to position Sentinel to create additional enterprise value for our portfolio companies, access untapped deal flow sources, and use balance sheet capital to pursue opportunistic investment opportunities.”

“Sentinel has established a stellar reputation since its founding and has a track record that has placed it at the top of its competitive space. We are delighted to be entering into this partnership with the Sentinel team,” said Mustafa M. Siddiqui, Head of Blackstone’s GP Stakes business. “Our partnership will help Sentinel access a broad set of strategic opportunities and enhance their ability to deliver attractive investment returns,” added Ward Young, a Managing Director at Blackstone.

“Over 25 years, Sentinel has built an impressive private equity team, with what we view as an exceptional track record,” said Michael Lunt and Todd Milligan, Co-Heads of RidgeLake Partners. “Sentinel’s prudent investment approach has stood the test of time, and we believe the firm will continue thriving in the years ahead. We look forward to partnering with them to further extend their network of relationships in the market.”

About Sentinel Capital Partners

Sentinel specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions, and structured equity investments of established businesses with EBITDA of up to $80 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds, and minority junior capital solutions. For more information about Sentinel, visit www.sentinelpartners.com.

About Blackstone

Blackstone is the world’s largest alternative investment firm. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $684 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

About RidgeLake Partners

RidgeLake Partners is a strategic partnership between Ottawa Avenue Private Capital and PA Capital, an affiliate of New York Life Investments Alternatives, focused on acquiring minority equity stakes in top-tier midmarket private equity firms. RidgeLake partners with firms focused on buyout, growth, distressed, secondaries or real assets strategies across the private markets. RidgeLake seeks to forge long-term relationships with its general partners, and brings strategic counsel borne from more than 40 years of combined midmarket investment experience.