Houston private equity firm beats target on first investment fund
fresh funds
Houston-based private equity firm Sallyport has raised $160 million for its first investment fund, exceeding the target amount by $10 million.
The Sallyport Partners Fund focuses primarily on investments in founder- and family-owned businesses, corporate carve-outs and startups in various industries.
The firm’s chairman, Doug Foshee, seeded the fund. He and managing partners Kyle Bethancourt and Ryan Howard started the firm in 2023.
“Sallyport Partners Fund was created to utilize the proven processes our team has developed over time to generate value for like-minded investors on a larger and more impactful scale,” Foshee says in a news release.
Investors in the Sallyport fund include entrepreneurs, business executives and influential Texas families. Aside from Foshee, names of the fund’s investors weren’t disclosed.
“We are deeply committed to working hand-in-hand with management teams to drive transformative growth and generate long-term value,” says Bethancourt. “Our operational capabilities are forged from decades of firsthand experience leading, investing in, and building thriving businesses from the ground up. We have a unique appreciation for the management team’s perspective because we’ve been in their shoes.”
Those shoes have covered some pretty impressive ground:
- Foshee is former chairman, president, and CEO of Houston-based El Paso Corp., which owned and operated a 44,000-mile natural gas pipeline network. In 2012, El Paso merged with Houston-based pipeline company Kinder Morgan in a multibillion-dollar deal.
- Before Sallyport, Bethancourt was a vice president in the credit division of Blackstone, an investment powerhouse with more than $1 trillion in assets under management. Earlier, he worked at D.E. Shaw & Co., a New York City-based hedge fund with more than $65 billion in assets under management.
- Before Sallyport, Howard worked at Platform Partners, a Houston-based private equity firm. Earlier, he worked for the natural resources arm of investment banking giant Goldman Sachs.
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