Cove Hill Partners, a newly formed private equity firm, has closed on its first private equity fund with over $1 billion of commitments. The new fund significantly exceeded its target. Limited partners include family offices, university endowments and charitable foundations. The founders and partners of Cove Hill have also committed significant equity to the new fund.
Cove Hill was founded by Andrew Balson, who previously spent 17 years at buyout firm Bain Capital. Mr. Balson’s founding team is led by Justin Roberts, Lara Moskowitz and Keith Power. Mr. Roberts, who is Managing Director and Co-Lead of Technology, has spent the last twelve years focused on technology investing at General Catalyst, THL Partners and TA Associates. Ms. Moskowitz serves as Chief Operating Officer, and previously held positions at General Atlantic and Solamere Capital. Mr. Power serves as Chief Financial Officer after twelve years at Summit Partners, and an earlier career at PwC. Cove Hill remains active in recruiting additional investment and operating professionals.
“As we mark this important milestone, we are very grateful for the exceptional support we have had from a group of highly-aligned investors, who have shown confidence in our team and our investment approach. Their belief in our non-traditional, long duration investment structure will provide us the flexibility to be patient holders of our portfolio companies,” said Mr. Balson, who serves as Managing Partner. “We believe our deep industry experience and operating orientation will make Cove Hill a partner of choice for many founder-owners and exceptional management teams who are looking to accelerate growth, maximize performance, and realize their long-term objectives.”
Cove Hill invests in consumer and technology companies that have enterprise values between $100 million and $800 million. The firm intends to build a portfolio of 5 to 8 high companies and will focus on longer term investments with an average duration of eight or nine years, but, in some cases lasting as long as 15 years.
“Changes in technology are providing opportunities and challenges for many established companies,” said Mr. Roberts. “We look forward to working with our management partners to support them in navigating this rapidly changing landscape, building their businesses into market leaders, and creating equity value for themselves and their investors.”
Cove Hill is headquartered in Boston (www.covehillpartners.com).
© 2017 Private Equity Professional | September 8, 2017
