Earlier this year we reported that Chip Schorr had stepped down as a senior managing director with The Blackstone Group (BX), in order to form a new tech-focused private equity firm. Now we’ve got a couple additional details.
The new firm is named Augusta Columbia Capital, and describes its investment strategy as “control investments in growth and technology companies.” Schorr’s partner is Clayton Albertson, who previously was with Court Square Capital Partners.
No word yet on how their inaugural fundraising effort is progressing. Its plan is to raise between $1 billion and $1.5 billion, with Blackstone having agreed to serve as a limited partner.