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New sovereign wealth backer helps Grove Street grab another $650m

28 Oct 2013

dollars-20_sqUS private equity fund investor Grove Street Advisors has received another $650m of commitments from a new sovereign wealth backer and four existing LPs.

The firm said it plans to use the new investment across two diversified global private equity strategies and two other programmes, one targeting smaller buyouts and fully-subscribed venture funds and the other focused on technology from early-stage venture through to buyouts and restructuring.

Grove Street managing partner Frank Angella said, “We are grateful for the support of our existing clients, each of whom has partnered with us for nearly 10 years, as well as for the important new client relationship we recently launched.

“Our customized separate account structure offers clients the ability to augment their internal staff and to access attractive smaller and/or fully subscribed funds that are inefficient for them to cover directly.

“We believe our consistent strategy and the long tenure of our team makes us a valuable partner, both for our clients as well as the leading fund GPs with whom we invest.”

Grove Street, which now has $5bn of assets under management, was founded in 1998 as a private equity investment organization focused on building and managing customized separate accounts for institutional and large family office clients.

The firm invests globally in all segments of private equity, particularly lower middle-market buyouts and venture capital.

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