Seven years ago, David Alfonso left Platinum Equity to form a new private equity firm called Empire Investment Holdings. Now he’s looking to raise his first official fund, according to sources familiar with the situation.
Empire launched its road-show in New York on April 1, with a $350 million cover price.
It partially is pitching on Alfonso’s track record at Platinum, and also on Empire’s own track record – deals that mostly were financed with GP monies (plus some sort of pledge fund). For example, Empire recently sold enterprise IT company VITEC Solutions to another investment group. Another exit is expected shortly.
EdgeLine Capital is serving as placement agent.