Perella Weinberg Private Equity Arm Said Planning Second Fund

  • PWP Growth Equity holds stakes in MOD Pizza, MSA Security
  • Private equity arm closed $600 million first pool in 2014

PWP Growth Equity, the private equity arm of boutique investment bank Perella Weinberg Partners, is in the early stages of raising its second fund, a person with knowledge of the matter said.

The firm has held preliminary talks with existing backers about starting to raise money for its second pool as soon as the end of this year, said the person, who asked not to be identified because the information is private. PWP Growth Equity is targeting $600 million for the new fund, the person said, the same size as its predecessor, which closed in 2014.

The private equity division is a bright spot in Perella Weinberg’s asset management unit, which last year agreed to wind down a $1.7 billion asset-based value strategy fund. It has since sought to expand and has added talent from Goldman Sachs Group Inc. and Harvard Management Company in the past year.

Perella Weinberg’s first fund, which exceeded its initial fundraising target by $200 million, invests in lower middle-market companies across consumer, services and industrial sectors. Its current portfolio includes stakes in Black Bear Diner, MSA Security and MOD Pizza, a “fast casual” dining company, according to data compiled by Bloomberg.

A spokeswoman for Perella Weinberg declined to comment.

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