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HC Private, Landon Capital launch JV for emerging managers

Chicago-based private investment firm HC Private Investments and Boston-based Landon Capital Partners LLC formed a joint venture called Evolution Managers Capital.

Evolution will offer emerging private equity managers the opportunity to launch their own investments by providing them with committed capital to fund operating expenses and investments.

John Kelly and Matthew Moran, managing partners of HC Private, and LCP Managing Partner Chris Sullivan will lead the platform.

Evolution will pledge up to $50 million in equity in each participating firm and will bring in select family offices to invest together with the firms on a deal by deal basis. Participating firms must focus on lower-middle market transactions with targeted deal sizes ranging from $20 million to $100 million in enterprise value.

HC Private backs lower-middle-market manufacturing companies in the consumer and industrial sectors, while Landon Capital invests in lower-middle-market companies, primarily in the U.S.