Paul Capital is shutting down after its planned sale to private equity management firm Hamilton Lane collapsed.
The Wall Street Journal reported that Paul Capital, which buys stakes in private equity funds, is winding down its last remaining portfolio, including capital already invested through Paul Capital Partners X. As much as $300 million open commitments will be returned to investors.
The article added that the firm will also close its offices with the exception of its San Francisco headquarters.
Hamilton Lane was nearing an agreement to acquire Paul Capital last year, however it is unclear what caused the deal to fall through.
Founded in 1991, Paul Capital has offices in New York, London, Paris, Hong Kong and São Paulo.