Preston Hollow Community Capital Completes $85 Million Bond Purchase for Mixed-Use Development in Westbrook
Preston Hollow Community Capital (“PHCC”) recently announced the purchase of $85.7 million in tax-exempt revenue…
DALLAS–(BUSINESS WIRE)–Preston Hollow Capital, an independent specialty finance company, announced today that it has closed on a $225 million equity investment commitment from funds managed by HarbourVest Partners. Preston Hollow Capital will use the proceeds from the investment to expand the company’s municipal finance specialty origination platform and to pursue complementary strategic investments and acquisitions.
“This significant relationship with HarbourVest will provision our continued growth in several ways,” said Jim Thompson, Chairman and CEO of Preston Hollow Capital. “HarbourVest’s potent combination of capital and broad investment experience comprehensively deepens our resources. With a total of $650 million in committed equity capital, we’re well-positioned as a strong, creative financial partner in municipal specialty finance transactions and also poised to take advantage of opportunities to diversify the business.”
“Preston Hollow has established itself as a trusted partner in the municipal marketplace with a differentiated ability to tailor solutions and deliver capital with speed and flexibility,” said Alex Rogers, Managing Director of HarbourVest Partners. “HarbourVest has a history of backing strong management teams with a proven ability to capitalize on large market opportunities and we are excited to partner with the team at Preston Hollow as they expand their platform.”
About Preston Hollow Capital
Preston Hollow Capital is the leading solution provider in municipal finance. An independent specialty finance company with $650 million in committed equity capital from a diverse investor base comprised of founding management, institutional investors Stone Point Capital and HarbourVest, and several prominent family offices, PHC differentiates itself with its ability to deliver capital with speed, certainty and flexibility.
HarbourVest is an independent, global private markets investment specialist with more than 30 years of experience and $42 billion in assets under management. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in co-mingled funds or separately managed accounts. HarbourVest has more than 340 employees, including more than 90 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $31 billion to newly-formed funds, completed over $14 billion in secondary purchases, and invested $5 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.
Preston Hollow Capital
Greg May, 214-389-0835