Twin Bridge Raises $440 Million for Small Buyout Fund-of-Funds

March 24, 2021 – Partners Matt Petronzio and Brian Gallagher speak to The Wall Street Journal about the closing of Narrow Gate Fund, L.P., the Firm’s first fund focused exclusively on small market buyouts. The Partners discuss the appeal of the small market buyout space, key trends and where they see the greatest opportunities.

“I think we expected that it would be a difficult fundraise, being a first time fund. The pandemic didn’t help, [but] despite the headwinds, the message resonated,” Mr. Petronzio said.

When asked about the type of managers Narrow Gate will invest in, Mr. Petronzio said, “Our team believes that the recipe for a great next-generation manager would be a team of individuals who have been investing for a long period of time, have good long-term track records that we can vet, are doing something unique and different, and invest as much capital as they can [into their own funds], almost until it hurts.”

Mr. Gallagher commented that more younger partners are striking out on their own, “In the last several years, there have been more first-time funds and spinout groups than in the last 10-plus years.”