Gridiron Capital has added Mike Huttner as a vice president on its business development team.
Before joining Gridiron, Mr. Huttner was a vice president at Raymond James, where he advised consumer companies on mergers and acquisitions and capital markets strategies.
Earlier in his career, Mr. Huttner was active launching and overseeing international markets for Allbirds, a seller of sustainable footwear and apparel, and Our Place, a seller of cookware and other kitchen products.
Mr. Huttner began his career at investment bank North Point Advisors and he holds an undergraduate degree in applied economics and management from Cornell University.
“Mike’s extensive background will help us differentiate Gridiron as the partner of choice for business owners and their advisors,” said Sean Kelley, a managing director at Gridiron. “We are excited about the valuable contributions he will bring to our firm, and we are confident that his experience will contribute to Gridiron’s sustained growth.”
“We are thrilled to welcome Mike to our growing team,” said Kevin Jackson, a managing partner at Gridiron. “Mike brings a depth of skills and domain knowledge that we’re confident will enhance our new investment efforts. His operational experience, coupled with his ability to foster strong relationships with key stakeholders, will have an immediate impact on the firm.”
Gridiron invests in companies with enterprise values between $75 million and $600 million and EBITDA from $10 million to $60 million. The firm’s sectors of interest include business services, consumer products and services, and industrial growth. Gridiron is currently investing from its fifth fund, which closed above target in October 2023 with $2.1 billion in capital. Fund V is Gridiron’s largest fund to date, significantly surpassing its fourth fund, which closed in December 2020 with $1.35 billion.
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New State Capital Partners has closed its fourth fund, New State Capital Partners Fund IV LP, above target with $700 million in capital. The new fund was oversubscribed and raised in less than six months.
“This milestone underscores the trust investors have in our strategy and our platform,” said Mr. Blechman. “We are focused on investing in, and scaling, high-quality, founder-led businesses. We are excited to deploy Fund IV while continuing our disciplined approach to value creation.”
Private equity investment in infrastructure is showing renewed strength as macroeconomic uncertainties stabilize, according to the latest Infrastructure Strategy 2025 report by Boston Consulting Group (BCG).
“Infrastructure remains a cornerstone of private investment strategies, offering stability and inflation protection in volatile markets,” said Wilhelm Schmundt, a managing director and senior partner at BCG and the firm’s lead for infrastructure investment. “As investors adjust to a maturing market, we see significant opportunities emerging in energy transition, digital infrastructure, and new investment structures designed to attract capital.”
“Private investment will be critical to modernizing infrastructure and meeting the world’s growing connectivity and energy needs,” said Alex Wright, a managing director and partner at BCG. “With capital deployment expected to accelerate in 2025, we anticipate a more dynamic investment landscape, particularly in AI-driven infrastructure, renewables, and smart grids.”
ONE Bow River has closed its inaugural private equity fund, ONE Bow River National Defense Fund I LP (Fund I), with $500 million in committed capital.
“In one of the most challenging fundraising environments in recent memory, we are thrilled with the overwhelming support we’ve received from investors on our first national defense fund,” said Mr. O’Neil. “This milestone underscores the confidence in our team and the appeal of this particular strategy at this time in U.S. history.”
“We are honored to be part of the SBICCT Initiative’s first cohort and intend to make a positive impact on the DoD’s CTAs effort,” said Mr. Joanis. “We look forward to working collaboratively with the Department of Defense and the Small Business Administration to identify solutions that keep the U.S. and our warfighters safe.”
Benford Capital Partners has held a first, final, above-target, and oversubscribed closing of its third investment fund, Benford Capital Partners III LP, with capital commitments of $365 million.
“We are extremely grateful for the consistent support of our existing limited partners and the overwhelming interest from new investors, despite a challenging fundraising environment,” said Edward Benford, a managing director at Benford Capital. “All of our Fund II institutional investors committed to Fund III, which we believe is a testament to the success of our operationally-oriented strategy, the dedication of the BCP team, and consistent results. We look forward to executing on the same, proven value-creation playbooks in Fund III and continuing to focus on scaling family and founder-owned companies into market-leading platforms.”
“Pasture Brands is a great example of BCP’s approach to scaling CPG brands,” said Ben Riefe, a managing director at Benford Capital. “Since partnering with President Ryan Miller in December 2021, the key tenets of our value creation plan included building the senior management team and growing the company’s branded sales through new customer wins. We are thrilled with this successful realization and are confident the company is well-positioned for continued success in the years ahead.”
Pamlico Capital has held an above target, hard cap, an oversubscribed final close of Pamlico Capital VI LP (PC VI) with $1.75 billion of capital.
“We are incredibly grateful for the trust and confidence of our limited partners, both long-standing and new, who share our belief in the value of partnership, transparency and consistency,” said Art Roselle, a partner at Pamlico. “The success of PC VI is a testament to the strength of our strategy, the caliber of our portfolio company management teams, and our firm’s commitment to driving lasting value.”
“We are especially pleased with the speed to close and successful outcome for PC VI in what remains a challenging fundraising environment,” said Stuart Christhilf, a partner and COO at Pamlico Capital. “We saw strong support from so many of our long-standing investors who continue to represent the large majority of our capital base, while also broadening our geographic reach and partnering with a number of new, highly respected investors.”
LoneTree Capital has held a final close of its first growth equity fund, LoneTree I LP, with $200 million in capital.
“Flexible capital paired with LoneTree’s intensive, active support around go-to-market execution and talent management is a clear differentiator in the lower-middle market,” said Mr. Koven. “This approach has already created value for the companies we have backed, and we are pleased it has been so well received by a wide range of investors.”
A global private equity (PE) revival is taking shape as dealmaking gains traction, though sluggish fundraising continues to present challenges, according to Bain & Company’s 16th annual 
“2024 can be considered the year of the partial exhale. Whether the renewed impetus in 2024 can build will depend on how policy unfolds,” said Hugh MacArthur, chairman of Bain’s Global Private Equity Practice. “We think the headwinds that have held back activity since mid-2022 should continue to dissipate. The industry is anxious to make deals, GPs are finding creative ways to boost liquidity, more dollars should flow in from sovereign wealth funds and private wealth and returns remain strong. But deal appetite is still tempered by the uncertainties keeping markets on edge. Investors are looking for clarity to break through the policy clouds on the economy, trade, regulation, and geopolitics.”
“Generating alpha has never been more challenging. Strong performance is getting harder, not easier. An emerging upturn will inevitably present important opportunities for investors. But the winners will be those funds that demonstrate a consistent, differentiated model for value creation – and clear strategies for maintaining growth and performance for the long term,” said Rebecca Burack, head of Bain’s Global Private Equity Practice. “The surest way to land in the winner’s circle is to articulate your ambition clearly and develop a practical strategy for how you plan to compete in the years ahead.”
Now based in Canaccord Genuity’s New York City office, Mr. Murphy will cover a range of A&D sectors, including aerospace services, machining and engines, defense products, communications and intelligence, defense technology, and security products and services. His focus will be on client development and transaction execution for aerospace, defense, and security companies, particularly those commercializing emerging technology applications.
The “Quality Premium” is GF Data’s long-standing measure of the gap in valuation between AAFPs and non-AAFPs, based on TTM EBITDA margins and revenue growth rates along with a review of industry category and other deal characteristics.
Andy Greenberg is CEO of Greenberg Variations Capital, a mergers & acquisitions advisory firm based in suburban Philadelphia devoted to one-off or targeted transactions. Mr. Greenberg was founder and CEO of GF Data©, the M&A data tracking service, prior to its acquisition by the Association for Corporate Growth in 2022.
