Pegasus Capital Advisors

Pegasus Capital Advisors LP
Partnership
Industry Private Equity
Founded 1995
Headquarters New York, New York, United States
Key people
 Craig Cogut, Managing Partner
Products Leveraged buyout, Growth capital
Total assets $2 billion
Number of employees
 60+
Website www.pcalp.com

Pegasus Capital Advisors L.P. is a private equity investment firm founded in 1995 by former co-founder of Apollo Management and Drexel Burnham Lambert lawyer, Craig Cogut, who has been its managing partner. Pegasus specializes in sourcing, buying, and building middle-market companies that compete on the basis of sustainability and resource efficiency.

The firm has raised four funds since inception and currently manages US$2 billion in capital. Its offices are located in New York City, NY and Cos Cob, CT. They have made over 70 investments in various companies such as iGPS, Lighting Science, Molycorp Minerals, Universal Lubricants, and Cannondale.

In 2016 the firm was appointed by Governor Arnold Schwarzenegger of California as financial advisor to the R20 Regions of Climate Action to facilitate, develop and implement low-carbon and climate resilient projects.

History

Pegasus was founded by Craig Cogut in 1995, 5 years after dealing with virtually all aspects of distressed securities investments and restructurings of Apollo Management, which he and Leon Black and Craig Cogut started at former investment banking power Drexel Burnham Lambert when that bank was besieged by allegations over illegal activities involving high-yield debt.[1]

Cogut established Pegasus to focus on investments in middle-market companies facing financial distress.[1] where returns from deals are more reliant on the actual alpha of the investor. Cogut wanted to concentrate on transactions that could generate returns through revenue growth and operating improvements rather than largely relying on financial leverage.

In October 2016, Governor Arnold Schwarzenegger of California appointed the firm as financial advisor to the R20 Regions of Climate Action to facilitate and implement low-carbon and climate resilient projects.[2]

Funds

Since 1995, Pegasus has raised five private equity funds with total investor commitments of c. $2 billion.[3] Pegasus raises the capital from a variety of limited partners that include major public and corporate pension funds, leading endowments, fund of funds and family offices. It closed its fourth private equity fund in January 2007, hitting the US$750 million cap that had been set and its fifth fund in April 2012.[4]

As of December 31, 2015, funds II, III, IV, and V achieved returns of 15.96%, 1.77%, -0.30%, and 9.92%, respectively.[6]

Portfolio

Since 1995, Pegasus has invested in more than 70 companies. The firm tends to invest in the consumer products, technology, business services, energy, financial services, industrial manufacturing and communications sectors. selected companies of the firm's investments are:

Competitors

Pegasus competes with other major private equity players in the middle-market, including Kohlberg & Company, Audax Group, Berkshire Partners, Golden Gate Capital, and Madison Dearborn Partners.

References

  1. 1 2 "Executive Profile Craig M. Cogut". Bloomberg Businessweek. February 11, 2015.
  2. ↑ "R20 Governance". Official website of the R20. 10 October 2016.
  3. ↑ About Pegasus Capital Advisors Section 'https://finance.yahoo.com/news/Pegasus-Capital-Advisors-prnews-14880572.html'
  4. ↑ http://www.privateequitywire.co.uk/articles/detail.jsp?content_id=237675
  5. 1 2 3 Pegasus Partners IV closes on $750m. AltAssets, December 5, 2007
  6. ↑ Colorado PERA Alternative Investments Portfolio
  7. ↑ Auction Finds Buyer For Bicycle Maker. New York Times, March 24, 2003


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