The new effort is being called PWP Growth Equity, and is led by former Weston Presidio partners Chip Baird and David Ferguson. It plans to invest between $15 million and $50 million into growth-stage companies within the retail, restaurant, consumer, manufacturing and distribution sectors. Don’t expect software or tech deals, which is where a lot of the late-stage froth has been focused. Around half of the Weston Presidio portfolio is control deals, and PWP Growth Equity will follow a similar strategy.

PWP Growth Equity so far has done two deals: An $18.2 million investment into plus-sized women’s apparel retailer Fashion To Figure; and a management buyout of  Trench Plate Rental Co., a provider of government-mandated trench safety equipment to the underground construction industry in the Western U.S.

Both deals were funded by an undisclosed investor who was among those who committed $1 billion to help form Perella Weinberg Partners in 2006. The $400 million fund target is inclusive of that investor’s commitment, plus those of other members of the founding consortium.

The firm is expected to issue a press release later today, but declined to comment on fundraising.

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