Boston-based private equity firm BayPine LP has raised at least $1.1 billion for an initial closing on its first-ever fund, according to a person familiar with the firm’s operations, with an ultimate goal of raising $2 billion.

BayPine was formed last year by David Roux, formerly the co-CEO and chairman of the private equity giant Silver Lake Partners, and Anjan Mukherjee, a former The Blackstone Group Inc. executive. The firm is seeking “market-leading businesses in traditional industries” with an eye on helping them transform digitally, according to its website.

BayPine itself has committed $100 million, according to the person. A spokesperson for the firm declined comment on the fund. The Wall Street Journal first reported on the fundraising.

Roux and Mukherjee serve as the firm’s managing partners. Its founding partners are former Nestle executive Wan Ling Martello; former Dell Technologies Chief Commercial Officer Marius Haas; a former leader at Michael Dell’s family office, Brian Frank; and former KKR managing director Steve Ko.

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Source: Boston Business Journal

By Greg Ryan