Eldridge Targets $1 Billion for New PE Financing Fund (1)

Eldridge Capital Management is pitching a new fund that will take advantage of the ongoing drought in private equity dealmaking, according to people familiar with the matter.

The New York-based firm — a subsidiary of the $70 billion asset manager Eldridge — is raising a so-called GP-solutions fund, said the people, who asked not to be identified discussing confidential information. Eldridge expects to raise about $1 billion for the effort, the people said.

The Eldridge fund and ones like it seek to profit from financing gaps in the private equity market. Its strategies will including backing continuation funds, which let ...