Private equity firm Siris Capital Group is closing its office near San Francisco by year’s end as part of a reorganization, according to people familiar with the matter.
(Bloomberg) — Private equity firm Siris Capital Group is closing its office near San Francisco by year’s end as part of a reorganization, according to people familiar with the matter.
Siris opened the office in Palo Alto, California, in 2018 but hasn’t bought any Bay Area businesses since then, said the people, who asked not to be identified because the information was private.
Deal opportunities involving West Coast companies that reached Siris’s executive committee represented only about 10% of the non-disclosure agreements signed by the firm, they said.
Partner Hilton Romanski and Mike Hulslander, a managing director, are separating from the firm as a result of the closure, the people said.
Some junior staffers will move to its headquarters in West Palm Beach, Florida, the people added.
A representative for Siris declined to comment.
Siris, which focuses on technology and telecom, has raised more than $5.9 billion since 2011 and is currently targeting investments with transaction values of $500 million to $5 billion, according to its website.
As part of the reorganization, Tyler Sipprelle is being promoted to partner, the people said.
He and partner Eli Mendoza are joining the executive committee as voting members, they said.
The firm is retaining its office in New York, where it was based before opening the Florida location during the coronavirus pandemic.
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