The team behind mid-market private equity house Snow Phipps are naming their successor firm TruArc Partners amid eyeing up to $1bn for its first fund, AltAssets can reveal.
TruArc’s Ogden Phipps II, Alan Mantel, John Pless and Steven Schwinger have registered the fundraise with the US SEC, calling the vehicle TruArc Fund IV.
The firm will continue to manage Snow Phipps’ first three funds, which total about $2.4bn according to its website.
Snow Phipps closed its third fund in 2016 with about $913m of commitments.
M2O Private Advisors is acting as a placement agent for the TruArc Fund IV raise, the SEC filing adds.
Bloomberg reported last October that Phipps, Mantel and Pless were making a move to launch a new firm, with Snow Phipps co-founder Ian Snow set to transition to a senior advisor role.
It said all of Snow Phipps’ existing employees were set to transfer to the then unnamed firm, which will continue to operate from Snow Phipps’ Madison Avenue offices.
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