Paul Capital Partners LP

Paul Capital Partners LP

Paul Capital Partners LP

Overview
Date Founded

1991

Headquarters

575 Market Street,Suite 2500,San Francisco, CA 94105-5802

Type of Company

Private

Employees (Worldwide)

101 - 250

Industries

Private Equity & Venture Capital
Accounting & Financial Services
Investment Services & Portfolio Management

Company Description

Paul Capital Partners' investment platforms include the Paul Capital Fund of Funds, secondary investments and commercial-stage healthcare investments.The Paul Capital Fund of Funds investment team focuses on investments in venture capital and small-cap buyouts. The firm invests in funds that support innovative products and business models. They take takes a lead investment role and actively seek advisory board seats. Their strategy is both growth and value oriented.The Paul Capital Fund of Funds venture capital investment strategy focuses on providing access to top-tier venture capital managers. The firm looks for emerging managers that have the potential to become industry leaders. They employ a multi-industry investment strategy that focuses on information technology, healthcare and clean technology. Most investments are made in early-stage companies, but some investments are made in late-stage and growth equity to provide reduced volatility and more rapid exits. The strategy is biased towards small funds and is balanced by a short list of larger funds or platforms. Paul Capital invests primarily in funds in the Silicon Valley and Boston, with growing exposure to select international investments. They make secondary investments in top tier managers obtained through the secondary market to mitigate the effect of the typical J-Curve associated with private equity fund investing.The Paul Capital Fund of Funds small-cap buyout investment strategy focuses on investments in a small-cap buyout funds in North America. They invest in small-cap buyout funds that are being raised by managers who are focused on buying companies with enterprise values of $300 million or less. To select the best performing managers, Paul Capital's process begins with a large universe of buyout relationships and ends with a focused and diversified small-cap buyout portfolio. The portfolio is complemented by co-investments and by investments in target funds obtained through the secondary market.The Paul Capital Fund of Funds co-investment strategy focuses on co-investments alongside general partners that are well-known to the firm and who require capital to close pending small-cap buyout and growth equity transactions. Investments are made directly in the securities of the portfolio company. The Fund of Funds team invests directly in portfolio companies across a full range of economic and credit cycles.For investors requiring exposure to both the firm's venture capital and small-cap buyout funds, Paul Capital provides customized solutions that allow participation in both activities over a multi-year period with a desired percentage allocation to each. Large investors seeking increased exposure to emerging managers, growth equity funds or buyout funds larger than their small-cap target (but generally less than $2 billion in size) can be accommodated through a separate account relationship.Paul Capital provides secondary transaction solutions for various sellers including pension plans, financial institutions, endowments, family offices, corporations and general partners.They help sellers reallocate their portfolio across asset types and classes, achieve early liquidity from private equity investments and obtain follow-on capital for existing portfolios and other objectives.Paul Capital Healthcare employs a variety of financing options ranging from non-dilutive financings that include royalty and revenue interest financings, to more traditional instruments such as equity and structured debt. Their clients include public and private companies, academic institutions and inventors. Paul Capital Healthcare helps companies monetize their royalty streams by selling all or a portion of these future royalties in exchange for an upfront payment and, depending on the structure, potential future payments. Paul Capital Healthcare invests in healthcare products that are approved and are generating revenue or are near commercialization. Healthcare companies should have an identifiable and established market, have patent and/or regulatory protection and be marketed by a strong organization.Paul Capital Healthcare employs the use of synthetic royalties or revenue interest financings. The firm provides a company with an upfront payment and future payments in exchange for a percentage of future product revenues. These deals are structured in a way that is similar to licensing agreements. They employ tiered revenues, reverse tiers, minimum payments, caps, step-downs and buy-out options. The deals are different from a standard licensing agreement in that Paul Capital Healthcare is not responsible for commercializing the product and is not involved in the company's daily operations. The firm makes an upfront payment to the company and, in some cases, additional payments based on certain milestones, such as regulatory approvals, patent extensions and sales targets. Paul Capital Healthcare then receives a portion of the future revenues generated by the product(s).Paul Capital Healthcare provides structured debt financing for small to mid-sized healthcare companies looking to expand operations. They can structure mezzanine-like debt in combination with revenue interests or royalty financings and the purchase of equities.Paul Capital Healthcare also structures traditional equity investments, usually in combination with revenue interest and royalty financings. The Fund participates in early-stage financing rounds in syndication with venture funds and in PIPE-style offerings. Paul Capital Healthcare focuses on near market or commercial-stage investments.

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Executives & Employees

Executive Director, Healthcare Funds, Healthcare & Support Services

Executive Director, Secondary Funds, Secondary Investments & Support Services

Executive Director, Management Company, Support Services

General Partner

Partner & Chief Financial Officer, Support Services

Partner, Secondary Investments

Partner, Secondary Investments

Partner

Managing Director

Board of Directors

Founder at Top Tier Capital Partners LLC

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Recent Transactions
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CryoLife, Inc. purchases On-X Life Technologies, Inc. from Paul Capital Partners LP, PTV Sciences LP

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Baxter International, Inc. purchases Prism Pharmaceuticals, Inc. from Paul Capital Partners LP, Essex Woodlands Management, Inc.

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HarbourVest Partners LLC, Paul Capital Partners LP, LGT Capital Partners AG, Newquest Capital Advisors (HK) Ltd. purchase Merrill Lynch & Co., Inc. /Non-Real Estate Ops from Bank of America Corp.

Transaction Advisors
Escrow Agent

Advised onCryoLife, Inc. purchases On-X Life Technologies, Inc. from Paul Capital Partners LP, PTV Sciences LP

Advisors & Consultants
Legal Advisor

Partner at Kirkland & Ellis LLP

Legal Advisor

Partner at Fried, Frank, Harris, Shriver & Jacobson LLP

Legal Advisor

Partner at Kirkland & Ellis LLP

Investments
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Jupiter SGPS SA manufactures and supplies polyethylene terephthalate polymers. It offers resins and polyester fiber products to the packaging and textile industries. The company's products are used for the fabrication of varied forms and shapes of packaging. Jupiter SGPS was founded in 1964 and is located in Portalegre, Portugal.

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Carbon Black, Inc. engages in the provision of endpoint security services. Its software solutions include Cb defense, Cb responcs, Cb protection, Cb defense for vmware, and Cb Threatsight. It focuses on delivering endpoint protection for desktops and servers through application control. Carbon Black was founded by Todd Brennan, Allen Hillery, John Hanratty, and Michael Viscuso on December 19, 2002 and is headquartered in Waltham, MA.

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SpePharm is a European specialty pharmaceutical company focused on acquiring, registering and marketing high medical value specialty medicines, essentially for the hospital market.Particular therapeutic areas of interest are in oncology and hematology, critical and supportive care.SpePharm aims to be the preferred partner for pharmaceutical and biotechnology companies, especially those from outside of Europe, seeking to maximize product and commercial opportunities within Europe.The vision of SpePharm is to become a leading specialty pharmacy company offering the first truly pan-European commercial platform for high value niche hospital and specialist products.The company was founded in September 2006 by Jean-François Labbé together with leading life-science investment firms, TVM Capital (Germany) and Signet Healthcare Partners, part of the Sanders Morris Harris Group Inc (USA).SpePharm headquarters are located in Amsterdam, The Netherlands. Its European operations are run from its French subsidiary, SpePharm SAS, in Paris, France. Since January 2008, Spepharm is also present in Europe through subsidiaries in Italy (Milan), Germany (Munich), The United-Kingdom (Oxford) and Denmark (Copenhagen) for the Nordic countries.

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