Fundraising

Spring Bridge uses secondaries capital to back LaSalle spin-out

The ex-Coller Capital team has led a group of investors in a process that forms Longshore Capital Partners' debut fund.

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Spring Bridge Partners has led a group of buyers in supporting a team spin-out from lower mid-market private equity firm LaSalle Capital.

The firm, which was founded by former Coller Capital executives Sebastien Burdel and Luca Salvato, backed a more than $200 million process involving moving five companies into a vehicle named Longshore Capital Fund I that serves as Longshore Capital Partners‘ debut fund, according to a statement.

Spring Bridge and its consortium accounted for more than 75 percent of the capital used to back the fund, Burdel told Secondaries Investor. The other backers of the fund include asset management firms, insurance companies, funds of funds, family offices and high-net-worth individuals.

The roughly $200 million figure includes capital for both fresh deals and for follow-on investments into the portfolio.

Longshore’s founders, Nick Christopher and Ryan Anthony, spent 14 and eight years respectively at LaSalle before spinning out. The firm will target control buyouts in the lower mid-market with a focus on founder-owned businesses in the business services sector such as outsourcing, revenue cycle management, managed services and payments, the statement noted.

Shannon Advisors served as placement agent for the fund and Winston & Strawn provided legal counsel.

Burdel declined to comment on whether Spring Bridge also acquired a stake in the management company of Longshore, saying: “In general terms, we want the highest level of alignment for our GPs. As a general practice, we want their management companies to own the economics of their business, so it’s not our general practice to do that.”

Spring Bridge knew Christopher and Anthony prior to the spin-out process, he added.

“We were lucky that we were able to develop a relationship with them well prior to that and even to do the bulk of our diligence prior to covid.”

Secondaries Investor reported in October that that Spring Bridge was in market with its debut fund targeting $500 million.