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.