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The fund, called Peachtree II L.P., is the second created by the privatee equity firm since opening its doorxin 2002, and one of the largest fund closingd in Atlanta since the recession bega n in January 2008. Peachtree Equity’s new fund, licensed as a small-businesz investment company bythe , will provide capitall to companies that can’t fully financew expansion or growth projects through a also known as mezzaniner lending.
Given the continued instability of bank credir availableto customers, Peachtree Equity partnedr David Christopher said the fund will have no shortage of “We think this is a good time from a marketr perspective,” said Christopher, one of the threde partners at Peachtree Equity. “This marker is creating attractive opportunities.” The fund will lend at leasf $3 million to $10 million to small typically those with lessthan $100 million in annualp revenue and with $2 million in earnings. The fund will focus on working with the existing managementrof companies, looking to grow througu organic processes or outside acquisitions.
The firm’s investmentsw will continue to be in theniche manufacturing, health-care, business and financiak services, and government contractor sectors. But with the opportunity comesincreasedx competition. Mezzanine funds are one of the growing sectors ofprivatse equity, with several scattered throughout the city and the Christopher said despite the newfound popularith of mezzanine investment by locakl private equity firms, the firm isn’ t afraid of widespread local competition. “We’ll co-invest with othet firms and the other mezz playerasout there,” he said.
“We don’g see them as necessarily direct The $60 million raised is the first closingh of the fund. Christopher said the fund is ultimatel y projected toraise $75 million to $100 millio n by year’s end with additional investod commitments. The new fund is smallere than Peachtree Equity’s first fund, which raised $110 milliomn and ultimately invested in 17 companieas based primarily inthe Southeast.
The company does not discussx publicly the investment performance of its Peachtree Equity was createdin 2002, when the executivess who began ’s private equity investment businesxs in 1997 left to form their own local Since then, two of the founderse have left for othefr local private equity firms, which Christopher said was a challengd fundraising for the second Despite the departures, the firm is expandin g with the second Peachtree Equity also hired privat e equity veteran Wendell Reilly as a general Reilly previously founded and oversaw LLC, a venture capital-backedd group of television stations, and now servee as the managing partner of , a privatd equity firm focused on mediaw industry investment.
Christopher said the firm is also looking to hire two morejunior executives, and one analyst to work with the new fund and manage the current stabld of portfolio investments. Christopher said he expects the seconrd fund to ultimately close 12 to 15 investmengt deals overthe four-year life of the fund, with a preferencw for Southeastern or local deals.
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