Less than a month before the 2020 election, an interesting transaction occurred:


Ex-Carlyle, Cerberus execs' shop Staple Street holds one-and-done close on Fund III
Oct 12, 2020

Fund III was targeting $400m, according to a Form D fundraising document filed Oct. 8, which didn't list how much the pool had raised.

'''Staple Street Capital, created by former executives of Carlyle Group and Cerberus Capital in 2010, held a “one-and-done” final close on its third fund on $520 million, pushing through
marketing despite the pandemic-slowed fundraising environment, a source told Buyouts.'''

Staple Street is one of a select group of emerging managers that have been able to raise capital in the subdued fundraising environment. LPs for the most part are sticking with their longterm relationships, generally with well-established managers.

Fund III was targeting $400 million, according to a Form D fundraising document filed Oct. 8, which didn't list how much the pool had raised. UBS worked as placement agent on the fundraising, the Form ADV said.

Fund III is Staple Street's second institutional fund. The firm closed Fund II, its first institutional fund, on $265 million in 2015.