Blue Wolf Capital Management, a New York-based middle market buyout firm, has reached a first close on its debut fund, rounding up commitments of $100 million (€69 million), according to a source.
The fund has a target of $250 million.
The source said six institutional investors have committed to the fund.
Blue Wolf is led by Adam Blumenthal, who most recently was first deputy comptroller and chief financial officer for New York City Comptroller William Thompson. Prior to that he was a senior executive at publicly traded buyout and mezzanine firm American Capital. The firm’s other founding partner is Josh Wolf-Powers, formerly the managing director in charge of private markets for the New York City Comptroller.
Founded in 2005, Blue Wolf has completed three acquisitions – two paper-products producers and a producer of BTU gas. The firm says it targets “unconventional” deal flow not touched by mainstream private equity firms. It specialises in acquiring companies whose values are “obscured by complexity” in the form of labour union relations, government contracts and financial underperformance.