Small-buyout-fund backer 747 Capital, ever on the hunt for new managers to back, is fundraising for its latest co-investment vehicle to invest alongside its flagship fund of funds.
The New York-based firm wants to raise $60 million for 747 Hudson VI LP, according to new documents filed this month.
The fund is earmarked for investments alongside firms backed by the latest flagship fund of funds vehicle, 747 Stuyvesant VIII LP. That pool has secured at least $89.9 million of a $175 million target per an SEC filing from early last fall.
747 Capital will also back independent sponsor deals via its co-investment vehicle and appears eager to create relationships with new managers as it reviews at least 100 new funds yearly.
Indeed, its Web site makes a bold claim: “747 Capital seeks to meet with every small-cap buyout fund in its market.” We were unable to reach executives at the firm for comment by press-time.
Hudson Fund: 747 Hudson VI LP requires a minimum commitment of $100,000, its first filing was issued on April 2, and eight staff members, including Founders Gijs van Thiel and Marc der Kinderen, are listed on the documents. Each Hudson fund is earmarked for fewer than 20 co-investments. The predecessor Fund V was invested in approximately 17 deals, including ones alongside lower mid-market buyout shops such as Boca Raton-based Millpond Equity Partners and LA-based Corridor Capital.
Stuyvesant Fund: Each Stuyvesant fund is invested in small-cap late-stage growth and buyout funds of less than $350 million located across the United States and Canada, according to the firm brochure. The Stuyvesant vehicles have a hybrid strategy of making primary investments, co-investments, secondary investments and opportunistic investments. The firm backs up to 12 managers and makes up to 15 co-investments via each vehicle. Fund VI was launched in 2022; it has a minimum investment of $100,000, at least 115 investors and a Form D lists European-based sales agents, suggesting an international offering.
The Firm: 747 Capital was founded in 2001 by van Thiel and der Kinderen and now supports a team of at least 11 private equity professionals. Since its inception, 747 Capital, with close to $1 billion in AUM, has launched at least 14 vehicles and made at least 92 fund investments and 121 co-investments.