Lead Left Interview – Mike Hall and Bill Dietz

Last July when we chatted with Mike Hall of Yukon Capital Partners [link], the firm was poised to wrap up its second mezzanine fund raise. This week we check in with Mike and his partner, Bill Dietz, for an update.

The Lead Left: Mike and Bill, sounds like congratulations are in order.

Michael Hall: Thanks, Randy. We issued a press release [link] back in October. The fund target was $300 million. Credit Suisse was our placement agent again. We ended up hitting our hard cap of $400 million.

Bill Dietz: Our first fund at Norwest Mezzanine was $250 million, and the second was $400 million. Our first fund at Yukon was $238 million; our second was $400 million. So you can see the natural evolution. The evolution and size of our funds fit well with our equity partners.

TLL: What were the lessons for this time around? Was it a tougher raise?

MH: We launched the first Yukon fund in the worst of times: 2008. Compared to that, we’re tickled to death. LPs are very focused on strategy, attribution, track record – we had no issues with that.

TLL: Did you note any new behavior from LPs in general?