Sam Simon’s private equity holdings in Birmingham include a growing number of funds and holding companies.
The various legal entities operate under the brand of Simon Holdings Group, which was established in 1985 with the founding of the Taylor Company Atlas Oil Company, which has grown into a $ 2 billion a year business. (See related story.)
Simon Holdings operates as a family office for the Simon family and five other local wealthy families, who declined to give their names. These families can invest in the LLCs of their choice. In addition, other families or wealthy individuals can invest in funds. The funds have raised a total of $ 75 million in committed capital so far, about a third of that of Simon, who declined to specify specific funding totals for most funds.
A new fund, Soaring Pine Capital Real Estate and Debt Fund II LLC, is raising funds and has made its first investment, and another new fund, U-Store Investment Fund II, is expected to start raising funds in 90-180 days. .
Next year, the Simon Group plans to start raising a second growth fund, a $ 50 million private equity fund.
Here is a description of the growing network of investment vehicles:
- Fast Track Ventures LLC, the real estate development arm of Atlas Oil, which has managed the acquisition, management and sale of more than 200 gas stations and convenience stores over the past 20 years.
- Lone Pine Investments, an umbrella under which there are 20 LLCs with a single asset.
- Soaring Pine Capital Growth Fund I LLC, a private equity fund that invests in operating companies.
- Soaring Pine Capital Real Estate and Debt Fund I LLC, which purchases NPL or distressed debt owed by retail gas stations.
- Soaring Pine Capital Real Estate and Debt Fund II LLC, which made its first investment in May, a loan to an experienced multi-family housing operator to help it buy the Apartments Parc Rouge in Detroit.
- U-Store I LLC Investment Fund, which is investing in self-storage facilities in Michigan, Ohio, Indiana and Illinois. Simon Holdings is a 43 percent investor in the $ 7.5 million fund, with an outside investor, based in Southfield Bee Store I LLC Investment Fund, the majority investor.