Austin, Texas-based private investment firm Blue Sage Capital has held the first and finale close of its second fund at $150m.
Blue Sage Capital II, L.P., received support from existing and new limited partners including large financial institutions, private equity fund of funds, prominent family offices, endowed trusts, government entities, and the partners of the firm, who represent the largest commitment to the fund.
It will continue Blue Sage’s proven strategy of investing in founder-owned businesses in Texas and the Southwest with $3m to $10m of cash flow. The fund will be led by founding members Peter Huff and Jim McBride. The team also includes Adam Norris, Chris Petrini, and Ali Williford. Eric Weiner, a former Berkshire Partners professional in Boston, will join the team in 2013, along with one or two additional investment professionals.
In its first fund, Blue Sage invested in thirteen companies, including:
- R360 Environmental Solutions, a oilfield waste manager,
- Ashbrook Simon-Hartley, a wastewater equipment company,
- Mr. Gatti’s, a pizza chain; and
- Fusion Specialties, a mannequin designer.