Harvest Partners reaps $244 mln for first structured capital fund

Harvest Partners drew in $244 million for its first structured capital fund, which makes non-control investments in middle-market companies, about 14 months after the New York firm launched the business, according to a Form D filing.

It’s not clear if the filing indicates an official closing of the fund, which has a target of $400 million.

Park Hill Group is placement agent for the fund.

Harvest Partners Structured Capital Fund LP added about $134 million in commitments since an earlier filing in January 2015 disclosed $110 million in commitments. The Form D filings list a date of first sale on November 7, 2014.

Led by Senior Managing Director Jay Hegenbart, Harvest Partners Structured Capital targets business owners and entrepreneurs who want to retain control of their businesses.

Previously a managing director at Harvest Partners, Hegenbart switched over to Harvest Partners Structured Capital and hired Steven Duke, a CCMP Capital veteran, as principal. Other team members include Caldwell Zimmerman, an associate who joined from Arsenal Capital Partners, and April Blackmon Meyer, a marketing associate who previously worked at JAT Capital Management.

Michael DeFlorio, senior managing director of Harvest Partners, said in a statement last year: “HP SCF is our first expansion outside of traditional control oriented investments, and it is a natural extension of our core capabilities.”

The Form D filing lists DeFlorio and Hegenbart as executives for Harvest Partners Structured Capital Fund, along with Stephen Eisenstein, Ira Kleinman and Thomas Arenz. All five are senior managing directors at the firm.

Harvest Partners did not respond to an email request for comment.

In September, Harvest Partners Structured Capital announced it had invested an undisclosed amount in LAZ Karp Partners, owner of LAZ Parking, the third-largest parking operator in the United States.

Meanwhile, Harvest Partners has been in fundraising mode for its $1.5 billion flagship fund, Harvest Partners VII. In November, the Los Angeles County Employees Retirement Association OK’d a $125 million commitment to the fund. Also last fall, Ohio Police & Fire Pension Fund committed up to $40 million to fund VII.

Action Items: Reach Marketing Associate April Blackmon Meyer at AMeyer@harvestpartners.com. See the Form D filing here: http://1.usa.gov/1mH1PBm

Photo of harvesters courtesy of Shutterstock