Solace Capital Partners, a relatively new private investment firm, has closed its inaugural fund at $576 million in committed capital. The fund, Solace Capital Special Situations Fund L.P., has already shelled out more than $120 million to five portfolio companies.
Solace Capital, founded in 2014 and based in Los Angeles and New York, looks to make control investments in lower-middle market companies across a variety of industries. While the fund exceeded its original target of $500 million, the firm typically invests between $10 million and $75 million in “complex, distressed or capital constrained” businesses. Newly established Solace Capital is run by the firm’s three managing partners, all of whom previously worked at Oaktree Capital Management together: Chris Brothers, Vince Cebula, and Brett Wyard. Both Brothers and Wyard have previously co-headed funds.
"Anticipating more corporate defaults and distressed opportunities, we have the right strategy and the right team in place to capitalize on the investing environment," say Solace’s managing partners, Chris Brothers, Vince Cebula, and Brett Wyard.
As the private equity industry has grown, time has created opportunities for new players like Solace Capital and other firms to emerge. In addition to Solace Capital, Chicago-based ParkerGale Capital LP was also formed in 2014 by the former technology investment team of Chicago Growth Partners. The investment teamed included ParkerGale co-founder Kristina Heinze and partners Dave Chandler, Devin Mathews, Jim Milbery, Ryan Milligan, chief financial officer Corey Dossett and office manager Sharon Janowski. ParkerGale recently closed its debut buyout fund at $240 million in capital, exceeding the original target of $200 million.