
Corporate Divestiture-Focused Pacific Avenue Closes $500M+ Debut Fund
Pacific Avenue Capital Partners, a private equity firm specializing in corporate divestitures in the middle market, has raised an oversubscribed $500 million+ for a hard cap close of its debut fund – Pacific Avenue Fund I.
The Los Angeles-based firm said the new fund has completed one investment to date in Sunrich Products and has drawn up an agreement to acquire its second platform, Resin Solutions, which it expects to wrap up in the second or third quarter of this year.
“The fund will allow Pacific Avenue to continue our emphasis on corporate divestitures and other complex situations to create value for our stakeholders,” states Chris Sznewajs, managing partner and founder of Pacific Avenue Capital.
Lazard Frères & Co. LLC served as the exclusive placement advisor to the Fund. Weil, Gotshal & Manges LLP served as legal counsel to the Fund.
