Summit Partners veteran Thomas Roberts is branching out on his own, starting his own private equity firm to invest in healthcare and technology companies.
Roberts’ new firm, Equality Asset Management, will implement an “innovative fee structure that reflects the current return environment and more closely aligns general partner and limited partner interests,” according to a statement Monday.
“Private equity has enjoyed incredible returns over time, but we believe the industry has reached an inflection point,” Roberts said in a statement. “Going forward, long-term outperformance will be driven by an investment strategy comprised of higher concentration, longer holds, and lower fees.”
[II Deep Dive: Private Equity Market Seen Consolidating at Increasingly Faster Pace]
Roberts will serve as Equality’s chief executive officer. While at Summit, he led the firm’s portfolio performance group and co-founded its credit business. He also served on the board of directors at 30 private companies and seven public firms.
Other experienced private equity players are joining Roberts at his new firm. These include Tara Ciongoli, who previously worked for VentureHouse Group; Gabriel Gomez, a U.S. Navy veteran who spent thirteen years in the private equity industry before joining Equality; and Ned Schwartz, formerly a partner at Drive Capital.
According to the announcement, Equality will invest between $100 million and $300 million in each company. The private equity firm now has offices in both New York and Boston.
A spokesperson for Equality did not return a phone call or an email seeking comment.
