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Adviser Profile

As of Date 03/29/2024
Adviser Type - Large advisory firm
Number of Employees 44 -12.00%
of those in investment advisory functions 30 -9.09%
Registration SEC, Approved, 4/20/2017
Other registrations (1)
AUM* 4,347,029,921 6.91%
of that, discretionary 4,347,029,921 6.91%
Private Fund GAV* 4,347,029,921 6.91%
Avg Account Size 334,386,917 -1.31%
SMA’s No
Private Funds 13 1
Contact Info 212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
4B 3B 3B 2B 2B 1B 581M
2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count13 GAV$4,347,029,921

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Brochure Summary

Overview

Founded in July 2015, Brightstar Capital Partners, L.P. (collectively with its general partners, relying adviser and affiliate entities, “Brightstar” or the “Firm”), is a private equity firm with the primary investment objective of seeking to make privately negotiated equity and equity-related investments with control or control-oriented interests in operating companies in the United States and / or Canada. In particular, the Firm will generally seek to make investments in closely held family, founder or entrepreneur-owned businesses as well as corporate partnerships where Brightstar believes it can drive significant value to the management, operations and strategic direction of the business. Headquartered in New York City, the Firm also maintains an office in Denver, Colorado; St. Louis, Missouri; Palm Beach, Florida; Laguna Beach, California; Old Greenwich, Connecticut; and Brentwood, Tennessee. Brightstar typically focuses on proprietarily sourced, middle market investments in established industries where the investment thesis can be clearly articulated, the diligence process is thorough and Brightstar believes it can add strategic and/or operational value through its experience and network of relationships. Brightstar seeks to make equity investments of $75-$500 million per portfolio company primarily in U.S. or Canadian middle market companies with revenues between $50 million and $1 billion. The Firm’s investment team includes 30 professionals with a strong combination of operating and investment experience. Brightstar serves as the investment adviser for and provides discretionary investment advisory services to private funds exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), as well as to co-investment funds (collectively referred to throughout this Brochure as “Funds” and each a “Fund”). Investments are frequently made through various alternative investment vehicles, special purpose vehicles or feeder funds for legal, tax, regulatory or other structuring reasons. In particular, Brightstar provides investment advisory services to Brightstar Capital Partners Fund I, L.P. (“Fund I”); Brightstar Capital Partners Strategic Fund I, L.P. (“Strategic Fund”); Brightstar Capital Partners GRS, L.P. (“GRS”); Brightstar Capital Partners Texas Water, L.P. (“Texas Water”); Brightstar Capital Partners QualTek, L.P. (“QualTek”); Brightstar Capital Partners InfraServ, L.P. (“InfraServ”, and, together with the Funds referenced above, the “Fund I Funds”); Brightstar Capital Partners Fund II, L.P. (“Fund II”); Brightstar Capital Partners Fund II-A, L.P. (“Fund II-A”); Brightstar Capital Partners Replay, L.P. (“Replay”); and Brightstar Capital Partners Meridian, L.P. (“Meridian”, and together with Fund II, Fund II-A, and Replay the “Fund II Funds”); and Brightstar Capital Partners Fund III, L.P. (“Fund III”); Brightstar Capital Partners Fund III-A, L.P. (“Fund III-A”); and Brightstar Capital Partners Delta, L.P. (“Delta” and, together with Fund III and Fund III-A, the “Fund III Funds”). Each of GRS, Texas Water, QualTek, and InfraServ were formed to invest alongside Fund I and Strategic Fund in particular portfolio company transactions. Replay and Meridian were formed to invest alongside Fund II and Fund II-A in particular portfolio company transactions. Delta was formed to invest alongside Fund III and Fund III-A in a particular portfolio company transaction. Brightstar expects to form additional vehicles to co-invest alongside Fund III and Fund III-A in particular transactions in the future. For more information about the Brightstar Funds, please see the Firm’s Form ADV Part 1, Schedule D, Section 7.B.(1) Private Fund Reporting. Brightstar Associates, L.P. (the “Fund I General Partner”), serves as the general partner of the Fund I Funds, Brightstar Associates II, L.P. (the “Fund II General Partner”)
serves as the general partner of Fund II Funds and Brightstar Associates III, L.P. (the “Fund III General Partner”, and, together with the Fund I General Partner and Fund II General Partner, each a “General Partner” and together the “General Partners”) serves as the general partner of Fund III. Brightstar Advisors, L.P., an affiliate of the General Partners, serves as an affiliate adviser to the Firm in respect of the Fund I Funds (the “Fund I Advisor”); Brightstar Advisors II, L.P., an affiliate of the General Partners, serves as an affiliate advisor to the Firm in respect of Fund II Funds (the “Fund II Advisor”); Brightstar Advisors III, L.P., an affiliate of the General Partners, serves as an affiliate advisor to the Firm in respect of Fund III Funds (the “Fund III Advisor”, and, together with the Fund I Advisor and Fund II Advisor, each an “Advisor” and together the “Advisors”), along with the General Partners, have authority to make investment decisions on behalf of the Funds and are deemed to be registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), pursuant to Brightstar’s registration in accordance with SEC guidance. While the General Partners maintain ultimate authority over the respective Funds, Brightstar has been delegated the role of investment adviser. More information about these entities is available in Form ADV Part 1, Schedule D, Section 7.A and Schedule R respectively. Brightstar provides investment advisory services as a private equity fund manager to its Funds. Interests in the Funds are privately offered to qualified investors in the United States and elsewhere. The Funds generally invest through negotiated transactions in operating companies. Brightstar’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and ultimately selling such investments. Investments are made predominantly in non-public companies, although investments in public companies are permitted in certain instances. When such investments consist of portfolio companies, Andrew S. Weinberg, the Managing Partner of the Firm (the “Managing Partner”), partners, or other Brightstar personnel will generally serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies held by the Funds. Brightstar does not tailor its advisory services to the individual needs of investors in its Funds; the Firm’s investment advice and authority for each Fund is tailored to the investment objectives of that Fund. These objectives are described in the private placement memorandum, Fund limited partnership agreement, advisory agreements, and other governing documents of the relevant Fund (collectively, “Governing Documents”). Fund investors generally cannot impose restrictions on investing in certain securities or types of securities, other than through side letter agreements. Investors in the Funds participate in the overall investment program for the applicable Fund and generally cannot be excused from a particular investment except pursuant to the terms of the applicable Governing Documents and/or agreed upon side letters. Brightstar has entered into side letters or similar agreements with certain investors that have the effect of establishing rights under, or altering or supplementing, a Fund’s Governing Documents. Once invested in a Fund, investors generally cannot impose additional investment guidelines or restrictions on such Fund. Brightstar does not participate in wrap fee programs. As of December 31, 2023, Brightstar had $4,347,029,921 of regulatory assets under management, all managed on a discretionary basis. Brightstar is principally owned by the Managing Partner through various entities under his control.