(Bloomberg) -- Percheron Capital is pitching its second fund to institutional investors, with a target of $1.5 billion, only a year after wrapping up its debut vehicle.
Should Percheron achieve its goal, the new fund will be about double the size of its predecessor, the $770 million Percheron Capital Fund I LP. The San Francisco-based firm has not set a hard cap or upper limit for its latest fund, according to people with knowledge of the fundraising efforts.
A Percheron representative declined to comment on the new fund.
The firm, which began operations in 2020, was founded by Chris Collins and Chris Lawler, who had worked together for more than a decade as dealmakers at private equity firm Golden Gate Capital. Percheron targets investments in services businesses including food and beverage, health care and wellness, automotive, education, animal health and residential.
The new fund is expected to follow the same strategy as its predecessor. Percheron has acquired five companies and made several add-on investments to them through its debut fund, the people said. Most recently the firm took a majority stake in McWilliams & Son, a Texas provider of plumbing and heating, ventilation and air conditioning -- or HVAC -- services.
Over the past year, Percheron has almost doubled the size of its investment team, which now has about 40 members, the people said.
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