Topspin Rolls Out Fund

June 14, 2007. Principals behind Topspin Partners have raised $115 million for a new leveraged buyout fund that will take a hard look at Long Island companies among potential acquisitions and investments.

Leo Guthart, Stephen Lebowitz and Leigh Randall are managing directors behind the new fund, Topspin Partners LBO, based in Roslyn Heights.

Jim Simons, chief executive of Renaissance Technologies, a hedge fund based in Manhattan, is the largest investor.

Lebowitz said the fund will look at firms on Long Island, but isn’t limiting its search to this area.

“We continue to have a Long Island focus,” Lebowitz said. “It’s not our exclusive area for investments, but it’s the area we look to first, because it’s in our backyard.”

A leveraged buyout fund targets established, profitable businesses.

The fund is designed to acquire companies with an enterprise value – equity plus debt – of $15 million to $50 million.

“We thank the Topspin team for the value and support they provided to PlayMonster as our partners over the past four years. From the beginning, they shared our view for the potential of our business and helped us execute on both our M&A and organic growth strategies.”

Bob Wann, CEO of PlayMonster