Painswick Readies $750 Million Fund for Rolled-Over PE Assets

Painswick Capital Management, founded last year as a joint venture between private equity firm AEA Investors and its founder John Garcia, expects to raise $750 million for a debut fund that will back sponsor-led, single-asset continuation funds, according to people familiar with the matter.

The New York-based firm aims to complete the fundraise by this summer, said the people, who asked not to be identified citing confidential information.

The fund has made four investments so far, including as co-lead investor in Pike Street Capital’s $199 million, single-asset continuation fund for Impel Co., a provider of fluid management systems ...