F Partners Co-Investment Opportunities - 27 November 2024

Author

Chad Fox
November 27, 2024

F Partners is a Private Investment Office investing in proprietary deal flow across the Private Markets. Co-invest with Single Family Offices, UHNWI and other Professional Investors. 

For any deals included in this email, reply to this email for an introduction.

All introductions are on a NO FEE basis.

PRIVATE EQUITY

Opportunity: Bloom Equity Partners

Deal Type:  Fund and Direct 

Bloom Equity is a New York-based technology focused private equity firm that specializes in operations. Leveraging decades of investing and operating experience in enterprise software and tech-enabled businesses across firms including K1, Vista Equity, BlackStone, McKinsey, and others, Bloom offers a compelling mix of growth, liquidity capital, and tailored operational resources to support technology companies in their next stage of growth. The firm’s unique investment strategy allows them to execute multiple transaction types with varying levels of complexity; including succession exits, management buy-outs, carve-outs, and public-to-private transactions. 

Bloom is a co-investment friendly strategy and currently executes transactions utilizing capital from their committed capital Fund I and co-investment from accretive capital partners (including SFO/MFO, strategic technology executives, and institutional groups).

Fund Opportunity:   

  • Bloom is approaching their final close on Fund I - a seasoned primary opportunity (3 of the 5 targeted investments already completed), in a portfolio of profitable (or near break-even) enterprise technology companies which are exceeding early growth and performance expectations (the first investment is already marked at 3.6x).

  • Final close LPs can access the fund at cost, and the strategy is tax advantaged (QSBS eligible investments), with capital commitments called over the next 24mo.  Current base of LPs are UHNW, fund of funds, technology executives and family offices (including the family office of a founder at a Global top 10 PE firm).

  • RESPOND TO THIS EMAIL FOR A FULL DECK AND INTRODUCTION.

SPV Opportunity - “Project Jaguar”:

  • Bloom is under exclusivity on “Project Jaguar”, whose CEO has agreed to partner to continue their growth in the US market by leveraging Bloom's enterprise software expertise. The company is a leading enterprise software provider empowering Fortune 5000 organizations like P&G, Toyota, DHL, and Mercedes to seamlessly access, integrate, govern, and deliver critical data across financial, product & technology, marketing, and supply chain operations. 

  • Approaching breakeven EBITDA with EUR 8m in recurring revenue, Bloom is acquiring the business at a highly attractive multiple (1.58x recurring revenue compared to 3-5x at comparable companies). 

  • The co-invest opportunity now has less than $5m in capacity (with an opportunity to increase co-investment check size through future M&A).   The deal is targeted to close within the next 2 months.

PRIVATE CREDIT

Opportunity: Thrive Financial

Deal Type: Direct or SPV

Thrive Financial Inc. is a financial technology company focused on helping provide affordable Home Improvement financing to underserved US Consumers. Their direct lending assets will provide attractive, stable returns in a volatile macroeconomic environment and are less correlated with the broader equity market.

Deal Terms:

Thrive is offering Private Credit Investors the opportunity to purchase Home Improvement Direct Lending assets with the following terms:

  • Purchase Commitment: $250k - $25M per month over the Term; with a minimum total commitment of $1M. SPV available for small commitments.

  • Term: 12 - 24 months.

  • Asset Mix: purchaser will have the ability to customize the distribution mix and product mix of the Home Improvement Direct Lending assets to meet desired return.

  • Downside Protection: purchaser will have the option to choose from various forms of downside protection to mitigate credit risk.

Key Highlights:

  • Average Borrower FICO of 710, with home improvement loans yielding annualized net returns ranging from 8% - 17%.

  • Home Improvement has outperformed other asset classes, and is getting more challenging to source given recent consolidation of top Home Improvement lenders.

  • Loans may be secured by a UCC lien on the financed home improvement product reinforcing Investor's claim in the event of default.

  • Investors are given the option to add an insurance wrapper to the direct lending assets providing up to 4.5x downside loss coverage, and locking in 8-12% returns.

  • Management team has helped create over $10B worth of fintech value over the last 10 years.

VENTURE CAPITAL

Opportunity: Green Sands Equity

Deal Type: Fund

Green Sands is a growth-stage Silicon Valley firm investing in Deeptech (21% IRR), Space (29% IRR), Healthcare (20% IRR), and opportunistic niche technology companies (21% IRR). Successful 2019 vintage fund, returning 67% DPI in just 5 years, now launching fund II.

Led by veteran investor Reema Khan, serial entrepreneur Dr. Helmy Eltoukhy, NASA alum Dr. Davide Venturelli, and former CEO of Julius Baer Walter Knabenhans. Green Sands’ extraordinary leadership team provides unparalleled access to best-in-class deals.

Top Investments include SpaceX, Spotify, Lyft, Airbnb, Axiom Space, Deel, Arsenal Bio, and many others.

Key Highlights:

  • Fund I Metrics: 1.7x TVPI, 64.44% DPI, 21.5% Net IRR

  • Top Decile performance across TVPI and IRR for 2019 vintages

  • Fund II Unicorns: Axiom Space, SpaceX, Deel, Arsenal Bio, MaintainX

  • 1 IPO in Fund II company in just a few months of fund launch

$200m is left in a $500m Fund II.

Fund II has already begun deployment, generating a 1.2x MOIC in its first few months, meaning each dollar invested into the fund now, will instantly become worth $1.2.

Opportunity: Carputty

Deal Type: Direct

TTV and Porsche-backed automotive FinTech with over $600mm in approved financings.

Opportunity: Viably

Deal Type: Direct

SMB FinTech with 10x customer growth to $3mm since Q1 backed by Salesforce Ventures & Viola Ventures.

Opportunity: Streetbeat

Deal Type: Direct

$1.4mm ARR B2B FinTech pioneering AI-driven co-pilots for wealth management backed by TTV & Seraph Group.

Opportunity: Array Labs

Deal Type: Direct

3D imaging from space for defense, industrial, consumer, and insurance applications backed by In-Q-Tel.

Opportunity: THIA

Deal Type: Direct

THIA is the best kept secret in AI enterprise solutions.

THIA builds AI-powered applications for enterprise and counts Riot Games, Boeing, KPMG, Booz Allen and several branches of the US government as clients.

Raising up to $5m in a SAFE round.

Opportunity: Mangusta Capital

Deal Type: Fund

Opportunity:Mangusta Capital Fund 1

Mangusta Capital is a venture capital firm investing in the next era of artificial intelligence and consumer disruption, with a mission to support businesses impacting humanity in a positive way. We are anchored by the Del Vecchio (Luxottica) family office and invest in early stage AI startups revolutionizing industry verticals from industrials to consumer and beyond.

Managing Partner, Co-Founder Kevin Jiang is a Harvard graduate and Silicon Valley native with decades of investing experience across Goldman Sachs to Apollo Private Equity, and a key founding member of Softbank's Vision Fund. With a strong institutional track record across growth investments (Wiz, Shipbob, Flexport) and early stage (Edgevana, Eight Sleep) our team has delivered outlier outcomes (10x+ MOIC) leveraging our unique advantages.

The Mangusta portfolio today includes Elon Musk's xAI, Tony Robbins’ longevity AI business Lifeforce, recent Y Combinator graduate TaxGPT, among others.

Since launching, the fund is tracking at 1.60x MOIC and 133% IRR.

REAL ESTATE

Opportunity: Gladiator Partners - Medical Office Portfolio

Deal Type: SPV

Gladiator Partners and RG Real Estate are pleased to offer the opportunity to invest in a portfolio of three medical office buildings located in the Atlanta MSA.

The portfolio totals ~88k SF and is currently 51% leased. An additional ~13.8k square feet (16% of net rentable area) is in advanced stages of the leasing process with leases, LOI’s or proposals currently under negotiation.

Sponsorship plans to fill the remaining vacancy and opportunistically pursue capital events, with the expectation that the properties will be included in the sale of RGRE’s larger medical office portfolio.

Network Partners

For any deals included in this email, reply to this email for an introduction.

Advisory hours 🗓

Chad Fox is an advisor to entrepreneurs and family offices through his firm F Partners.

Was this newsletter sent to you?

Join the F Partners Investor Network with one click below!