True Beauty Ventures raises debut fund

The fund, with offices in New York and Miami, has raised more than $42m.

Last week, True Beauty Ventures, with offices in Miami and New York, announced it has closed its debut fund at more than $42 million, surpassing its initial target of $30 million.

The fund, focused on beauty and wellness, is led by partners Rich Gersten and Cristina Nuñez, who have known each other for 11 years and worked together in the past. Gersten was a former partner at private equity firms Tengram Capital, L Catterton and North Castle Partners, while Nuñez has PE investing experience at Tengram Capital and L Catterton as well as beauty operating experience as an executive at Clark’s Botanicals and Laura Geller Beauty.

Source: Press release