Former Brazos Private Equity and Parallel Investment Partners executives have launched a new private equity firm.

The firm, Riata Capital Group, is headquartered in Dallas and will focus on investing in private consumer, energy, health care, business and industrial services companies.

Riata was founded by Jeff Fronterhouse and Barron Fletcher. Fronterhouse co-founded Brazos in 1999. Dallas-based Brazos has invested about $1 billion in capital through three private equity funds. The firm focuses on consumer, business services, health care and industrial investments.

Fletcher founded Parallel, also a Dallas private equity firm, in 1999. The firm invested more than $330 million in equity capital across two funds, focusing on consumer, energy and business services companies.

Riata will make control and non-control investments between $10 million and $50 million in North American businesses, especially those in the southwest U.S.

The news comes just after two Irving Place Capital executives spun off to create a health care focused private equity firm called Harbour Point Capital. For more on trends in private equity, see PE Firms Will Become More Specialized. For more on new private equity firms, see Fledgling Funds Take Off

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