Will Riedlinger has started a new firm to help emerging managers, both U.S. and European, raise their early institutional funds.
Late last year Riedlinger launched placement agency WHR Capital based in New York City, PECN has learned. The firm plans to help spin-out groups and other young firms raising funds of $150 million to $300 million or so. Investment strategies of interest include private equity, private credit, pharmaceutical royalties, music royalties, aircraft leasing and turnarounds.
Over the previous year Riedlinger had served as head of institutional sales-Americas at Global Founders Capital, the seed-stage and growth-equity arm of Berlin, Germany-based Rocket Internet.
Riedlinger led institutional fundraising for Rocket Internet’s latest European venture capital fund, expected to close shortly, Riedlinger said. The pool marks the successor to a $1 billion fund that closed just over three years ago.
Riedlinger has spent most of his career in institutional sales, including earlier stints at placement agents MVision Private Equity Advisers, Atlantic-Pacific Capital and Probitas Partners. One of his most formative experiences was working alongside Marty Shafiroff at Barclays Wealth and Investment Management from 2013 to 2015.
Shafiroff, who Riedlinger described as a “muli-family office unto himself” given his prowess raising money from wealthy investors, had landed at Barclays following its purchase of the wealth management business of Lehman Brothers in 2008. Shafiroff and Riedlinger teamed up to raise funds for such clients as Alvarez & Marsal and Perella Weinberg. While Shafiroff handled retail sales, Riedlinger took care of institutional sales.
“What I was doing was amassing a huge rolodex,” said Riedlinger. “I had the entire country” as my territory.
Riedlinger said he plans to operate as a one-man shop representing one to two clients at a time. Lacking the overhead costs of bigger placement agents, Riedlinger said he expects to charge clients a flat fee that will be lower than traditional placement fees.