Hiring, promotions and fundraising often go hand in hand in hand in private equity. Such is the case with Palo Alto, California-based HGGC.
Yesterday the prolific deal-maker–over the last two and a half years the firm has acquired 10 platform companies and more than 50 add-ons–said it had hired 12 new professionals across both operations and investing. That brings its headcount to close to 70. It also promoted four.
The build-up comes as HGGC gears up to raise a fourth fund likely to eclipse $2 billion in size–a healthy notch up from the $1.84 billion the firm speedily raised just under three years ago. Earlier this year, following an investment by Dyal Capital Partners, the firm announced five new hires and 10 promotions.
Avante Capital, a Los Angeles-based provider of uni-tranche debt, subordinated debt and minority equity investments, has set its sights on launching its third fund over the next six-plus months sporting a target in the neighborhood of $300 million including leverage.
Like its predecessors, the pool would be structured as a small business investment company, or SBIC. The Small Business Administration-managed SBIC program provides fund-level leverage up to $175 million per fund. The firm may also raise a sidecar, which could take the form of either a co-investment fund, or a non-levered, non-SBIC pool designed to appeal to investors with a distaste for fund-level leverage.
Fresh on the heels of closing a $1.56 billion fund, New York City-based Palladium Equity Partners is “opportunistically” looking to hire a mid-level professional–a senior associate, vice president or principal, according to Dale Pescatore, vice president.
Candidates with expertise in health care, services or industrials–three of Palladium Equity’s target industries–would be particularly desirable. The 22-year-old firm, which acquires family-run, mid-sized businesses, many of them serving the Hispanic population, also values employees with a variety of backgrounds.