Spire Capital Partners, L.P. Has Initial Closing on Private Equity Fund
New York, NY -- Spire Capital Partners, L.P., a media and communications-focused private equity fund, has held an initial closing with capital commitments exceeding $200,000,000. Spire expects to achieve its stated capital commitment goal of $250,000,000 during the third quarter of 2000 and will use the proceeds of its offering to develop a diversified portfolio of private equity and equity-related securities of growth companies involved in the media and communications industries.
Commenting on the firm's successful fund raising efforts, Bruce M. Hernandez, a Managing Member, stated, "Our investor group is diverse and consists of high quality individuals and institutions." Mr. Hernandez further commented that he was extremely pleased with the outcome of the fundraising efforts thus far.
Andrew J. Armstrong, Jr., also a Managing Member, added, "Our team has significant industry knowledge, experience and relationships, all of which are tremendous advantages for Spire and will serve our investors well."
Spire investors include media and communications executives, high net worth individuals, and significant institutional investors such as First Union Capital Partners, Chase Capital Partners, CIBC World Markets Corp., and Bessemer Trust Company, N.A.
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