In brief: Jeb Bush targets ‘social problems’ with co-investment vehicle

Jeb Bush’s Finback Investment Partners is among the latest private markets firms to join the rush to launching sustainability and impact-focused investment vehicles. The private equity firm announced this week that Finback Investment Partners 2021 Fund – its debut vehicle – had closed $100 million over its target and at its $350 million hard-cap. The fundraise took just three months and includes $38 million in GP commitments.

The fund will invest in mid-market and growth equity companies “alongside leading private equity firms” in sectors including business services, information technology, education, healthcare, industrials, digital infrastructure and financial services for investments.

The firm’s partners say they have, since 2017, invested around $250 million in 10 portfolio companies, generating a net return of 2.5x MOIC and 52.1 percent IRR.

Bush, the former governor of Florida, has focused his activities on the private sector since his 2016 presidential campaign ended. He is joined at Finback by his son, Jeb Bush Jr, as well as George Huber and Jack Oliver as co-founders and managing partners.

In terms of impact, the firm said in its statement announcing the fund’s closing: “Across these verticals, Finback will pursue investments that align with a positive societal impact.  While it is not the only investment criteria, contributing private capital to address complex social problems will be a key tenet to Finback’s decision-making.”