PineBridge PE Team Spins Out to Launch Heron View Partners with $2.5B AUM
A veteran private equity team with a 25-year investment track record has separated from PineBridge Investments to launch Heron View Partners, an independent firm debuting with $2.5 billion in assets under management.
The spin-out follows MetLife Investment Management’s recent $1.2 billion acquisition of PineBridge. While MetLife absorbed the majority of the firm’s assets, the private equity unit remained under the ownership of Hong Kong-based Pacific Century Group, PineBridge’s former parent, paving the way for its rebrand as a standalone entity.
Steven Costabile, who originally founded the investment operation in 2000 at American International Group (AIG), will serve as Global Head of Heron View Partners. The 17-person team operates from offices in New York, London, Hong Kong, Zurich, and Mexico City, managing portfolios for a diverse investor base across the U.S., Europe, Asia, and Latin America.
“Having both the continuity and consistency of our legacy investment team in place combined with a ‘clean sheet of paper’ to build a firm that reflects our joint experience and values is truly an opportunity that we embrace wholeheartedly,” Costabile said.
Heron View will continue to manage its existing portfolio while targeting new opportunities in the lower middle market. The firm’s strategy encompasses specialized co-investments, primary funds, secondaries, and separately managed accounts.
“We source and execute on specialized co-investments, fund strategies, secondaries and separate accounts while offering our investors direct access to our senior investment professionals,” Costabile added.
Joining Costabile in senior leadership are Managing Directors Justin Pollack, Loïc Rentiers, Jason McGann, Jay Quenville, Olivier Keller, and Maria Suarez. The team has maintained significant continuity through past ownership changes, including the 2010 sale of AIG’s asset management division to Pacific Century Group, which subsequently rebranded the business as PineBridge.