Permal Capital Partners, a Boston-headquartered fund of funds, has changed its name to Glouston Capital Partners.
The rebranding, which comes a week after the investment firm said it had held the final close on its Permal Private Equity Opportunities V (PPEOV), is the final step in the firm’s separation from The Permal Group, which merged with hedge fund business Entrust Capital in January, according to a statement.
“We are the same firm, the same people and have the same investment focus,” the firm said. “There has been no change in management and we will continue to provide the same products and services on which we have built our reputation in the industry.”
The name Glouston is derived from a mix of Gloucester Street and Boylston Street in Boston, the cross streets where the firm is based, according to a video explaining the rebranding.
PPEOV beat its $450 million target to close on $465 million last week, below its $500 million hard-cap. The fund will follow a similar strategy to its predecessors in seeking opportunities in the smaller end of the secondaries market, through single interests and smaller portfolios globally. It may also invest in direct secondaries and structured deals.
Glouston has over 20 years of private equity investment experience and has $2.4 billion in committed capital, according to the statement.