J.P. Carey raising $100 million for a new fund
By Mary Jane Credeur
Oct 22, 2001 Updated Oct 22, 2001, 12:00am EDT
Having made just under 50 investments from a pair of private equity funds, principals with boutique investment bank J.P. Carey Enterprises Inc. are raising a third fund -- this one worth $100 million -- to invest in publicly held companies in the technology sector and beyond.
The new fund, called Carey Capital Partners, will run for three years with a two-year extension and may be tapped in early 2002 for its first investment, said principal Joe Canouse, who founded J.P. Carey in 1995.
Typical investments from J.P. Carey are made in exchange for preferred or convertible stock in the publicly held companies, assuring payback to the fund in the event of bankruptcy or liquidation.
J.P. Carey targets public companies needing small amounts of short-term capital, which is outside the traditional investment patterns of established lenders such as SunTrust Robinson Humphrey Capital Markets or Congress Financial Corp.
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