BOSTON--(BUSINESS WIRE)--Cove Hill Partners, a newly formed private equity firm, announced today that it closed on its first long-duration private equity fund with over $1 billion of commitments from its investors and founders. Cove Hill’s first fund significantly exceeded its target with the support of a highly-aligned investor base comprised of families, university endowments and charitable foundations who will invest alongside the founders’ personal capital. Cove Hill focuses on partnering with outstanding management teams to build market-leading consumer and technology companies.
Launched earlier this year, Cove Hill was founded by seasoned technology and consumer private equity investor, Andrew Balson. A 17-year veteran of Bain Capital, Balson is assembling an accomplished investment team at the new firm.
Balson’s founding team is led by Justin Roberts, Lara Moskowitz and Keith Power. Roberts, who is Managing Director and Co-Lead of Technology, has spent the last twelve years focused on technology investing at General Catalyst, THL Partners and TA Associates. Lara Fox Moskowitz serves as Chief Operating Officer, bringing deep experience from positions of increasing responsibility at General Atlantic and Solamere Capital. Keith Power joined as Chief Financial Officer after twelve years at Summit Partners, and an earlier career at PwC. Cove Hill is in the process of recruiting a team of seasoned investment and operating professionals who will leverage their networks and expertise to support portfolio company management partners as they lead their companies to achieve their businesses’ long-term goals.
“As we mark this important milestone, we are very grateful for the exceptional support we have had from a group of highly-aligned investors, who have shown confidence in our team and our investment approach. Their belief in our non-traditional, long duration investment structure will provide us the flexibility to be patient holders of our portfolio companies,” said Balson, who serves as Managing Partner. “We believe our deep industry experience and operating orientation will make Cove Hill a partner of choice for many founder-owners and exceptional management teams who are looking to accelerate growth, maximize performance, and realize their long-term objectives.”
“Changes in technology are providing opportunities and challenges for many established companies,” said Roberts, Managing Director and Co-Founder. “We look forward to working with our management partners to support them in navigating this rapidly changing landscape, building their businesses into market leaders, and creating equity value for themselves and their investors.”
Over the past 20+ years, Balson and Roberts have worked closely with outstanding executives in consumer and technology companies. A number of these executives will serve on Cove Hill’s Executive Advisory Board, and will work in collaboration with the Cove Hill team to provide ongoing strategic and operational support. These executives will also be available, when appropriate, to provide help and guidance to the firm’s portfolio companies.