BayPine Progresses Toward $2 Billion Goal for Debut Fund

BayPine, which was co-founded by Silver Lake co-founder David Roux, has rounded up at least $1.1 billion in an initial closing on its debut fund, putting the fund more than halfway to a $2 billion goal, according to people familiar with the offering.

Boston-based BayPine itself is committing about $100 million, one of the people said.

Mr. Roux set up BayPine last year along with Anjan Mukherjee, a former senior executive at Blackstone Group Inc. BayPine looks to acquire controlling stakes in businesses across multiple sectors to help facilitate their digital transformations, according to a regulatory filing.

The firm couldn’t immediately be reached for comment on the fund.

Mr. Mukherjee, who left Blackstone in 2015 to join the U.S. Treasury Department as an adviser on matters related to markets and financial institutions, was a core member of Blackstone’s private-equity team, The Wall Street Journal reported at the time.

BayPine is a private investment firm that seeks to create lasting value for the firm’s investors, portfolio companies and communities in which they operate by driving innovation, digital transformation and sustainable growth in market-leading businesses across traditional sectors of the economy. Headquartered in Boston, BayPine was founded by a team of accomplished investors and senior executives who have a shared passion for building enduring companies.

Read more: Wall Street Journal