Technology-focused private equity firm Garnett & Helfrich Capital is reportedly looking to raise a second vehicle, while its debut fund is expected to generate a return of four times.
The firm raised $350m for its first vehicle, which has so far returned $600m to investors with a further $600m in unrealised gains sitting in the portfolio, founders Terry Garnett and Dave Helfrich told the Buyouts magazine.
At the start of the year, the fund’s realised and unrealised performance was a 5.3 times cash multiple and an IRR of 32 per cent, said the report.
Garnett said, “If you look at all buyout and venture funds from the 04/05 vintage year, we are near the top of the list, and we think there is even more upside in our fund.
“Raising another fund means making another ten year commitment. We take that very seriously. That would mean building a whole new generation of companies. We still may do it, but we haven’t made that decision yet.”
Two LPs told the publication that the firm has talked to investors about potentially launching a $400m second fund and one of them said that it looked like Helfrich would not be involved in the effort.
Similar sized funds currently in the market include Cyprium Investment Partners’s first independent fund.
Copyright © 2014 AltAssets