Tucker Anthony’s 14-member private equity management team left the firm to launch Park Street Capital, where it will continue to manage four funds of funds with a combined $800 million in commitments. The limited partners are joining them at Park Street, said Bob Segal, Park Street managing director. Also, Park Street hired Harry Turner as director. He was a co-founder of the Stanford Management Co., where he managed a $1.6 billion private equity portfolio for the $8 billion Stanford University endowment, Palo Alto, Calif. Mr. Turner was succeeded at Stanford Management by Georganne Perkins.
Mr. Segal said the Tucker Anthony private equity team, formed in 1997, was structured to become independent if there was a change of ownership; the company was acquired by RBC Dain Rauscher for $625 million in August. Park Street bought back Tucker Anthony’s 50% interest in its current funds for an undisclosed price.
Investors in the funds include the $47.3 billion Ohio State Teachers Retirement System, Columbus; $704 million Boston Foundation, Boston; and the $493 million Washington & Lee University endowment, Lexington, Va.
