The deal is an example of the type of 'clean up' deals routinely run by fund of funds and secondary shops.
The fund is among several that are bringing capital into a small and emerging manager ecosystem that is seeing a general reduction of capital flows.
While markets lose their heads, KKR’s Pete Stavros and Nate Taylor ignore the noise and zealously embrace their ‘linear deployment’ strategy.
Unique for an emerging manager, Unity Partners is committed to practicing employee ownership in all its mid-market buyout investments.
The manager will not collect carried interest for this fund.
The firm is raising the pool at a time when interest among LPs in gaining direct exposure to companies is on the rise and the capital pool for independent sponsors is growing.
Are we at the bottom? It is perhaps too soon to say. The original causes of slower fundraising remain stubbornly in place.
Private equity funds raised $88bn by the end of March, down 34% from a year earlier. This marked the first time that quarterly inflows have fallen below $100bn since 2020. The number of fund closings declined even more significantly.
LPs have shown interest in diversifying via industry-focused funds.
Employee ownership serves OpenGate’s performance objectives, managing partner Andrew Nikou said, as it emphasizes financial literacy and encourages workers 'to think like owners.'