Cornell Closes Inaugural Fund

Cornell Capital has held a final closing of its inaugural private equity fund, Cornell Capital Partners LP, with total capital commitments of $1.325 billion.

Cornell Capital was founded in 2013 by Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division, to invest in companies in the consumer, energy, financial and industrial sectors.

“We greatly appreciate the strong support from our new and existing investment partners, which is a testament to the seasoned team we have assembled as well as the opportunities ahead,” said Mr. Cornell. “I look forward to working alongside my partners to leverage our cross-border relationships and operational expertise to generate long-term value through our proven, disciplined approach.”

The new fund has already deployed a third of its capital in three portfolio companies as follows:

  • In May 2017, Cornell acquired Corelle Brands (formerly known as World Kitchen). The business manufactures and market its products – such as bakeware, dinnerware, kitchen and household tools, range-top cookware, storage and cutlery – under the brand names Pyrex, Corelle, CorningWare, Snapware, Chicago Cutlery, Revere, Visions, Ekco and Baker’s Secret. Pyrex and CorningWare are registered trademarks of Corning Inc. and are licensed by Corelle Brands. The company has approximately 3,000 employees with manufacturing and distribution operations in both North America and Asia-Pacific regions.  Corelle Brands is headquartered in the Chicago suburb of Rosemont, IL (www.WorldKitchen.com).
  • In January 2018, the firm invested in Monolith Materials, a manufacturer of carbon black and hydrogen gas using natural gas feedstock. The company’s products are used in tires and industrial rubber products, plastics, coatings, and toners and printing ink applications; and petroleum refining, clean power generation, and chemical industries. Monolith Materials is based in Redwood City, CA (www.monolithmaterials.com).
  • In May 2018, the firm was the lead investor in the $2 billion acquisition of Talcott Resolution, the run-off life and annuity businesses of The Hartford Financial Services Group. Other investors included Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook and J. Safra Group. Talcott Resolution has 375 employees and is headquartered in Windsor, CT with an additional office in Woodbury, MN (no website found).

The closing of the new fund brings Cornell Capital’s total assets under management to over $2.2 billion, including co-investments and single asset funds. The firm has 19 professionals and is based in New York with an additional office in Hong Kong (www.cornellcapllc.com).

© 2018 Private Equity Professional | June 25, 2018

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