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Perella Weinberg gets into growth equity

March 7, 2013: 10:08 AM ET

Perella_weinberg_partnersNew platform seeking $400 million for debt fund.

FORTUNE -- Boutique investment bank Perella Weinberg Partners is looking to raise $400 million for a new fund focused on growth equity investment opportunities, Fortune has learned.

The new effort is being called PWP Growth Equity, and is led by former Weston Presidio partners Chip Baird and David Ferguson. It plans to invest between $15 million and $50 million into growth-stage companies within the retail, restaurant, consumer, manufacturing and distribution sectors. Don't expect software or tech deals, which is where a lot of the late-stage froth has been focused. Around half of the Weston Presidio portfolio is control deals, and PWP Growth Equity will follow a similar strategy.

PWP Growth Equity so far has done two deals: An $18.2 million investment into plus-sized women's apparel retailer Fashion To Figure; and a management buyout of  Trench Plate Rental Co., a provider of government-mandated trench safety equipment to the underground construction industry in the Western U.S.

Both deals were funded by an undisclosed investor who was among those who committed $1 billion to help form Perella Weinberg Partners in 2006. The $400 million fund target is inclusive of that investor's commitment, plus those of other members of the founding consortium.

The firm is expected to issue a press release later today, but declined to comment on fundraising.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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