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Sixpoint turns money manager with $200m spin-out fund

The placement agent and secondaries advisor has raised $200m to finance seed, allocation and expansion operations for firms that want to go it alone.

Sixpoint Partners has made a move into fund management and hired a Dyal Capital Partners executive to lead the effort.

The private equity placement agent and secondaries advisor has launched SP Capital, a $200 million fund that will back the spin-outs of general partners, according to a statement. SP Capital will provide GPs with seed, allocation and expansion capital through a series of discretionary and managed separate accounts.

The firm, which will not retain a permanent stake in its investments, plans to outline short-term paths to exit.

The launch of SP Capital is part of a plan to provide the full range of private equity firm needs through partnerships, the statement added.

Sixpoint’s move has precedent. In May, four senior members of placement agent MVision Private Equity Advisors launched Meteor5 Capital, which will back emerging private equity firms. The firm was targeting between $300 million and $500 million for its debut fund, Private Equity International reported in May.

SP Capital is led by managing director Jeff Lavoie, who comes to the role from a two-year stint as senior vice-president at Neuberger Berman’s fund of firms outfit Dyal Capital Partners. He previously held positions in the private equity team at Canada Pension Plan Investment Board and at bond house PIMCO.

SP Capital will partner with secondaries funds to provide anchor capital for GPs that want to spin out. It will not directly compete with them for the purchase of underlying assets, founder and partner Eric Zoller told Private Equity International.

Sixpoint Partners has traditionally focused on mid-market private equity primary fund placement, secondaries advisory and co-investment placement, according to its website. It is headquartered in New York with offices in Chicago, San Francisco, Austin and Hong Kong.