Veronis Suhler Stevenson creates new fund

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New York--Media merchant bank Veronis Suhler Stevenson is launching a mezzanine fund targeting the media industry, sources close to the firm said.

The fund, called VSS Mezzanine Partners, will make investments in media firms ranging from the advertising business and trade publications to satellite and broadcast television.

The fund will differ from previous VSS private equity funds, which acquired and operated companies, in that it will make so-called "mezzanine" investments structured as subordinated debt or redeemable preferred stock.

The mezzanine fund will focus on strong companies with sustainable cash flow that are looking for a partner to help finance acquisitions, management buyouts, recapitalizations or other transactions in the $10 million-to-$75 million range.

--Sean Callahan

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