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- F Partners Co-Investment Opportunities - 8 January 2025
F Partners Co-Investment Opportunities - 8 January 2025
Chad Fox
January 08, 2025
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.
Opportunity: F Partners
Deal Type: Participation Note
Asset Class: Multi Asset
F Partners has several opportunities which are either too quick moving or too confidential to share with a larger audience through the newsletter.
F Partners is offering its network the opportunity to participate through a Participation Note on the following terms:
Preferred Return of 15% per annum
Return Payment Quarterly
Minimum 12 months commitment with a 3 month notice for redemption
The funds will be used to invest in the following opportunities:
Litigation Finance
Commodity Trades
Alternative Finance
Asset Backed Private Credit
Respond to this email to participate with F Partners or book a call here: https://calendly.com/Chadfox
TOP DEALS OF 2024 - STILL ACCEPTING INTRODUCTIONS
Opportunity: Midchains - A fully regulated investment platform designed for experienced investors and beginners to trade and store virtual assets.
Description: Backed by Sovereign Wealth Fund Mubadala and Sovereign Investor Lunate as well as Tier 1 investors MIAX, Brevan Howard Digital, GSR, Emurgo, Dhabi Holdings and others, MidChains is one of the first fully regulated blockchain and crypto financial infrastructure companies headquartered in the UAE.
In addition to existing exchange operations, the platform is evolving to begin offering digital futures, securities, commodities, FX, funds and private market products as an aggregated digital asset market on a direct and indirect basis. The platform caters to both institutions and individuals around the world (excluding sanctioned countries and the US). The firm has always been compliance-first focused and will continue to offer innovative products and services in a safe and bankable environment.
Opportunity: Fifth Star
Deal Type: Holding Company
Asset Class: Private Equity
Fifth Star is an Investment Holding Company led by serial entrepreneur Sam Yagan and a team of executives who have led top technology companies, most notably SparkNotes, OkCupid, Tinder, ShopRunner, Match Group (Nasdaq: MTCH), Grindr (NYSE: GRND), and IAC (Nasdaq: IAC).
Given the foreseeable environment in the consumer and consumer-adjacent technology landscape, Fifth Star believes a significant opportunity exists to create billions of dollars in value by building, through acquisition, a multi-business technology enterprise (think very loosely“IAC 2.0”).
Fifth Star have raised ~$285M of their $500M goal from individuals and organizations who have invested in previous entities that they have led and have completed 1 acquisition with a pipeline of ~30+ at different stages of due diligence.
Opportunity: Mangusta Capital
Deal Type: Fund and LP Co-Invest
Asset Class: Venture Capital
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.
Opportunity: Bloom Equity Partners
Deal Type: Fund and SPV
Asset Class: Private Equity
Bloom Equity is a New York-based private equity strategy specializing in buyouts of B2B technology and service businesses, with a focus on scaling companies both as a capital resource and an operational partner.
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).
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”:
FUNDING UPDATE: A major US Family Office recently led a significant investment into this deal. There is now ~$3.5m available (plus future availability through add-ons).
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, Johnson & Johnson, 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 deal is targeted to close within the next 6 weeks, with attractive co-invest economics.
Opportunity: Benevolent Capital
Benevolent Capital is a family office backed investment firm with a unique structure where LPs receive a 2x return before Sponsor Carry.
Opportunity: Brand Velocity Group
Brand Velocity Group is an innovative investment firm focused on accelerating businesses well-positioned to benefit from our operational expertise, deep in-house marketing resources, and thoughtful approach toward enhancing company culture - highlighted by our Share the Gains program.
Brand Velocity Group is on a mission to disrupt the private equity landscape in a way that benefits all stakeholders.
Historically the PE model has been both ill-equipped, or better said, unwilling to provide the resources necessary to supercharge portfolio company growth. In forming BVG, we recognized a unique white space opportunity, leading to our thesis that by marrying best-in-class, in-house marketing resources with deep relationships across all sectors and industries – while also infusing a bit of “heart” into all that we do – we would put ourselves in a position to drive innovation, create immense brand value, and change the game.
Partners at the firm include NFL Legend Eli Manning and existing LPs include top institutional investors and family offices. This is a unique opportunity to meet the firm and co-invest in current and future deals.
Opportunity: The Pave
Deal Type: Rollup / Holding Company - Road Paving
The Pave is raising $30-50 million and has already acquired its platform company in Phoenix, AZ, with plans for 6 more acquisitions.
We bought our first company for 3.8x multiple of EBITDA.
What sets The Pave apart is our ability to play in a space that’s too large for a first-time buyer, yet too small for middle-market private equity. We’re targeting companies generating between $10-30 million in revenue, with 17-25% net profit margins per job, doing private commercial work. Many of these companies are fragmented, operating with outdated technology, poor sales processes, and minimal customer acquisition strategies. As baby boomer owners retire, often without a clear succession plan, we’ve built a machine to identify and acquire on- and off-market paving companies in the Southwest.
Our focus is singular: The Pave buys paving companies generating between $1-10 million in EBITDA, backed by investor equity. This focus creates trust with brokers and sellers, who want to work with us.
Check size is flexible for F Partners Co-Investors.
Opportunity: Alt Lending
Alt Lending is a family office-backed specialty lender that is restructuring distressed student loans. It is a great fixed-income alternative that fits well in most investment portfolios.
The Student Loan Portfolio is Asset Backed and over-collateralized providing 1.5 to 1 collateralization – for every $1 invested you will have $1.50 in student loans.
The investment (offered in the form of a senior secured note) provides significant protection for investors.
Pays a high rate of return – 15% annualized, paid quarterly for 3 years – with a one-year extension option.
There is a low correlation between rising interest rates and most other fixed-income investments.
Led by a very senior team that has previously managed and securitized over $10 billion in Student Loan Portfolios.
Opportunity: Thrive Financial
Deal Type: Direct or SPV
Asset Class: Private Credit
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.
Opportunity: THIA
Deal Type: Direct
Asset Class: Venture Capital
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.
Network Partners
Ligo Partners is a single family office run by Alec Andronikov (Principal) and Cindy Mihalova (Chief Investment Officer) based in Miami.
Ligo Partners co-invest with a discrete and invitation-only consortium of like-minded investors into disruptive tech-focused deal flow sourced directly from family offices and top venture capital firms worldwide.
In parallel, Ligo Partners invests in tech debt financings; tech secondaries; roll-up strategies with a tech component; off-market real estate opportunities and investment funds that have successfully demonstrated at least a 1x DPI metric from prior performance.
Ligo Partners Live Co-Invest Deals: https://docsend.com/view/9azt98yrvu3zmtay
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.
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