Pacific Avenue Capital Partners LLC, a private equity firm based in Los Angeles, has closed its first fund, Pacific Avenue Fund I LP. The fund was oversubscribed at its hard cap, with aggregate commitments of over $500 million.

Pacific Avenue Capital Partners focuses on corporate divestitures and other situations in the middle market. To date, the fund has completed one platform investment, Sunrich Products, and has executed an agreement to acquire Resin Solutions, which is expected to close in the second or third quarter of 2023.

“The fund will allow Pacific Avenue to continue our emphasis on corporate divestitures and other complex situations to create value for our stakeholders,” states Chris Sznewajs, managing partner and founder of Pacific Avenue Capital.

Lazard Frères & Co. LLC served as placement advisor to the fund. Weil, Gotshal & Manges LLP served as legal counsel to the fund.