ALBANY, NY (HedgeCo.Net) – Pine Street Capital Partners has launched a new limited partnership, Pine Street Capital Partners, LP. The objective of the LP according to the company \u00c3\u00af\u00c2\u00bf\u00c2\u00bdis to generatesuperior risk adjusted returns to its investors through current income and capital appreciation, while minimizing downside risk.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd The LP is also \u00c3\u00af\u00c2\u00bf\u00c2\u00bdis being formed to provide mezzanine capital tosmaller middle market companies through directly negotiated investments,\u00c3\u00af\u00c2\u00bf\u00c2\u00bd according to the firm. The new LP will invest in 12-15 separate companies (co- and direct investments) across multipleindustry sectors, providing effective diversification in the portfolio, according to released information.<\/p>\n
The LP is seeking to generate about $50-75 million from investors, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdthrough the issuance of units (the \u00c3\u00af\u00c2\u00bf\u00c2\u00bdLP Units\u00c3\u00af\u00c2\u00bf\u00c2\u00bd), with (i) 40% of each investor\u00c3\u00af\u00c2\u00bf\u00c2\u00bds commitment consisting of a five (5) year note bearing current interest at the rate of 9% per annum, and (ii) 60% of each investor\u00c3\u00af\u00c2\u00bf\u00c2\u00bds commitment structured as a limited partnership interest. Investments in portfolio companies are expected to range from $1 million to $8 million, with a target investment size of $3 million to $4 million\u00c3\u00af\u00c2\u00bf\u00c2\u00bd.<\/p>\n
The new LP has a team of four managing partners, Tim Welles, Dave Smith, Tony Schmitz, and Michael Lasch, the Principal of the LP. Tim Welles was the former CFO of First Albany Companies, as well as former COO, of Colonial Data Technologies, while Dave Smith, was the former President and CEO of McGinn, Smith & Co., he oversaw investment portfolio totaling $400 million.<\/p>\n
Tony Schmitz was the former President & CTO, 24\/7 Real Media, Inc., while Michael Lasch, was formerly a director at FleetBoston\u00c3\u00af\u00c2\u00bf\u00c2\u00bds Corporate Banking Group. All the four principals have a total of about 77 years of investment management experience according to company information.<\/p>\n
Pine Street Capital Partners, LP, a Delaware limited partnership is being formed by Pine Street Capital Partners LLC (the \u00c3\u00af\u00c2\u00bf\u00c2\u00bdGeneral Partner\u00c3\u00af\u00c2\u00bf\u00c2\u00bd), is seeking an aggregate of $50 million in capital commitments and debt financing from investors seeking a combination of current return and capital growth.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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