DC Capital has made no public statements about the sources of capital for its portfolio, which includes seven companies and two realized investments, according to its website. 

It is not uncommon in the private equity world for more seasoned executives to invest their own money to establish a track record before raising money from institutional investors. Some private equity firms also raise money for investments on a deal-by-deal basis under a strategy known as the fundless sponsor model.

In April, DC Capital sold a $125 million payment-in-kind toggle note for its engineering portfolio company Michael Baker Corp; the proceeds were earmarked to pay the firm a dividend, according to a published report.

The PIK deal, which reflects healthy corporate debt markets, came less than a year after DC Capital completed the $397 million acquisition of Michael Baker Corp through its affiliate, Integrated Mission Solutions.

The merged company, Michael Baker International LLC, had more than 5,000 employees and $1 billion in revenue at the time of the deal’s close in October.

Calls and e-mails to both firms were not returned.

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