(Bloomberg) -- Navab Capital Partners will wind down after its founder Alex Navab's unexpected death earlier this month.
Navab, a former KKR & Co. executive, had been targeting $3 billion for the private equity firm's debut fund, which was slated to invest in health-care, technology, media and financial-services deals in North America.
“All of us were committed to help make Alex Navab's vision a reality, however we have determined it does not make sense to go forward without him at the helm,” the New York-based firm said Tuesday in an emailed statement. “Navab Capital Partners will not pursue plans to raise a fund, and will wind down in an orderly fashion. We continue to grieve this terrible loss, and in our individual ways, we will cherish Alex's memory and support his legacy of business and community leadership.”
The firm had agreed to a strategic partnership with Goldman Sachs Group Inc.'s Petershill unit, through which it would receive seed capital. A Goldman Sachs representative declined to comment.
Read more: Alex Navab, Ex-KKR Dealmaker Who Opened Own Firm, Dies at 53
Navab, who spent almost a quarter century at KKR before setting up his own firm, had recruited peers with experience at firms including Baupost Group, Carlyle Group LP and Warburg Pincus. In April, the firm named Bob Berlin, Ram Jagannath, Annette Rodriguez and Mark Schroeder as partners, and Mike Gaviser, Bhavna Vashisht Katkar and Georgia Levenson Keohane as managing directors.
--With assistance from Sabrina Willmer and Sridhar Natarajan.
To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.net
To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Josh Friedman, Dan Reichl
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