Keep pulling the thread on Isaac Harush and Mike Berlin.
Private equity firm 154 Partners, backed by Blackstone veteran David Blitzer, has completed a $400 million funding round.
154 Partners expects to fully deploy its first fund over the next 12 to 18 months.
154 Partners aims for its investment returns to be driven by free cash flow yield and organic growth, in contrast to the typical private equity model focused on leverage and multiple expansion.
154 Partners' primary investment focus is on founder-run businesses that have not previously received institutional capital.
154 Partners focuses its investments in the business services, residential services, and professional services sectors, including businesses that support sports and live events.
154 Partners plans to deploy its $400 million fund over a traditional five-year investment period.
154 Partners aims to build between eight and 12 platform companies with its current fund.
154 Partners plans to deploy $40 to $70 million of equity per platform company.
154 Partners has invested in an accounting services platform in the Mountain West and a guest services and staffing business for sports and live event venues.
154 Partners believes its guest services and staffing business could benefit from labor displacement caused by AI, as it provides second jobs for people.
154 Partners does not consider an IPO a likely exit strategy for its portfolio companies.
154 Partners targets investments in businesses generating between $2 million and $15 million in free cash flow.