Huntsman Gay Global Capital not only scored big in closing one of the largest funds raised this year, the $1.1 billion Huntsman Gay Capital Partners Fund, it also managed make a couple of investments, too.
Coaxing commitments from investors including the $190.6 billion California Public Employees' Retirement System, the $122.4 billion California State Teachers' Retirement System and €40 billion ($57.2 billion) AlpInvest Partners — the exclusive private equity manager for Dutch pension funds Stichting Pensioenfonds ABP and Stichting Pensioenfonds Zorg en Welzijn — wouldn't have been much of a feat during private equity's high times. In these liquidity-challenged times, it's quite an achievement.
The Palo Alto, Calif., firm was co-founded last year by five partners, including Jon M. Huntsman, founder of chemical company Huntsman Corp., and Robert C. Gay, a former managing director of buyout firm Bain Capital.
Among the other three co-founders you'll find the usual private equity pedigrees, MBA degrees and, oh yeah, National Football League experience. J. Steven Young was a quarterback for the NFL's Tampa Bay Buccaneers and San Francisco 49ers. (He also has a law degree and previously worked at two other private equity firms.)
Nobody's attributing Huntsman Gay's early fundraising successes or having snagged its second deal in August, a majority stake in Hollander Home Fashions Corp., a family-owned textile business, to having a former great as a managing partner.
It's been a team effort. Partners committed more than 10% to the first fund, aligning their interests with those of their investors. — Arleen Jacobius