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BlackEagle Partners L.L.C., a Bloomfield Hills-based private-equity company, had the first closing on its first investment fund with institutional investors in New York on June 30, more than two years after three turnaround specialists left Southfield-based Questor Management Co. L.L.C. to form their own firm.
The closing is believed to have been for more than $130 million, though BlackEagle principals couldn't confirm a dollar figure for fear of violating a Securities and Exchange Commission rule prohibiting firms raising money in the private sector from promoting their fundraising in public venues.
Under SEC rules, they can continue to raise money for their fund for one year after the date of their first close.
The principals previously told Crain's they hope to raise at least $250 million for their fund, which will focus on troubled and turn-around companies or on healthy companies in need of capital and management help to increase revenue or expand product lines.
The three Questor alumni are Jason Runco, Garrett Kanehann and Michael Madden. Runco and Kanehann are partners. Madden is managing partner.