Consider Cynosure Group to be the latest private equity firm to make a debut in 2014.

The Salt Lake CIty, Utah-based financial sponsor made the announcement on the heels of Blue Sea Capital LLC's closing its first fund with $327 million in commitments and several months after the formation of Los Angeles private equity firm Diversis Capital LLC.

Cynosure, which will target small and medium-sized companies, is backed by a network of large family offices in the U.S.

At the firm's helm is Randal Quarles, previously a partner of the Carlyle Group (Nasdaq: CG) from 2001 to 2006. Quarles also served under former President George H.W. Bush, and later as Under Secretary in the Treasury of President George W. Bush's administration.

He will co-lead the firm with managing director Spencer Eccles, who took on the role after leaving his post as executive director of the Utah Governor’s Office of Economic Development, to help form the investment company.

Quarles and Eccles co-founded the private equity firm and named it after the ship that brought Eccles' great-grandfather, industrialist David Eccles, and his family to America in 1863 from Scotland.

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