McColl is teaming with Marc Oken, a long-time friend. The firm is named Falfurrias Capital Partners. The name is taken from a Texas town where the two men hunt together.
The two have already secured about half of the $85 million to $100 million fund it wants to raise. "When you look at the skills required in private equity, Hugh and I acquired most of those through our experience at Bank of America," Oken told The Observer. "We decided to redirect our energy."
The firm occupies space in the Bank of America Corporate Center that had been used by McColl Garella LLC. The investment banking firm ceased operations earlier this year.
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