T-street Capital, LLC announced today that it has completed the spinout of a private equity portfolio from a well-established publicly traded commercial bank. T-street acquired the private equity holdings from the bank’s affiliated small business investment company fund and raised a new $75.0 million committed fund to continue its focus on growth equity investments. Dale L. Cheney, one of the managing partners of the bank’s small business investment company fund, will continue as the managing general partner of T-street Opportunity Fund I, L.P. (“Fund I”).
The Limited Partners in Fund I are led by sophisticated institutional investors, Committed Advisors and Timber Bay Partners. Mr. Cheney commented, “We are grateful for the strong support from our investor base and look forward to delivering strong returns as we grow the portfolio.”
T-street will continue the strategy of providing a flexible and tailored equity solution to high-growth, entrepreneur-owned companies in the consumer products and specialty manufacturing sectors. Mr. Cheney further commented, “We prefer to work with entrepreneurs because they have tremendous passion and great vision. Every successful entrepreneur has a unique story that we admire, and we can be supportive in building a platform for accelerated expansion without compromising the core values of the company.”
Mr. Cheney began his career at Goldman Sachs after completing his MBA at Harvard Business School. Following his career at Goldman, he was an investment professional at Citicorp Venture Capital where he also served as interim Chief Executive Officer of a distressed portfolio company and successfully executed a turnaround. Mr. Cheney launched the bank’s private equity fund in 2016 now preceded by T-street.