PA Capital Closes on $673 Million Across Two Private Equity Funds: Largest Multi-Manager and Co-investment Funds to Date
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.
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[1] Estimated as of December 31, 2021