Key Takeaways
- • Pacific Avenue Capital Partners closed more than $1.65 billion in committed capital across Fund II and a dedicated European sidecar vehicle as of August 12, 2025, marking significant fundraising momentum for the Los Angeles and Paris-based firm.
- • An affiliate of Pacific Avenue completed the acquisition of Care.com from IAC Inc. (NASDAQ: IAC), positioning the deal as the first investment in Pacific Avenue Fund II; Care.com operates a $400 billion family care market platform with 45+ million users and partnerships with 700+ employers including Fortune 100 companies.
- • Pacific Avenue announced team expansion including the addition of Allen Schaar and Chris Nealey to the firm, with Jack Marut promoted to Vice President, and previously added Drew Nicoletti as VP of Business Development (September 2022).
- • The firm is advancing its European strategy through dedicated infrastructure and team growth, with Managing Partner and Founder Chris Sznewajs leading operational expansion across both U.S. and European markets.
Summary
Pacific Avenue Capital Partners, a Los Angeles and Paris-headquartered private equity firm specializing in middle-market corporate carve-outs and complex transactions, announced concurrent developments in fundraising, investment activity, and organizational expansion. The firm closed Fund II with more than $1.65 billion in committed capital, alongside a dedicated European sidecar vehicle, according to announcements dated August 12, 2025. This capital raise reflects institutional investor confidence in Pacific Avenue's operational and growth enhancement capabilities in the middle market.
The inaugural investment from Fund II is the acquisition of Care.com from IAC Inc., completed through a Pacific Avenue affiliate. Care.com operates at the intersection of consumer marketplace and enterprise benefits, commanding a substantial position in the $400 billion family care market. The platform has attracted 45 million cumulative users since 2007 and maintains partnerships with over 700 employers, including numerous Fortune 100 companies, across child care, senior care, pet care, and housekeeping services. The transaction reflects Pacific Avenue's stated investment thesis: acquiring market-leading businesses with strong fundamentals and identifiable value creation opportunities through corporate separations.
As a standalone entity under Pacific Avenue's ownership, Care.com is positioned to accelerate product innovation, expand enterprise employer partnerships, and enhance platform functionality for both consumers and caregivers. Pacific Avenue's support model emphasizes operational leverage and scaling capabilities—core competencies underscored by Managing Partner and Founder Chris Sznewajs's leadership approach.
The firm's organizational growth supports its expanded geographic footprint and fund management responsibilities. Recent team additions include Allen Schaar and Chris Nealey, with Jack Marut advanced to Vice President. Earlier, in September 2022, Pacific Avenue appointed Drew Nicoletti as VP of Business Development. These hirings align with the firm's European market expansion strategy and reflect a deliberate build-out of operational and business development infrastructure to support Fund II's deployment and portfolio company value creation initiatives.
The inaugural investment from Fund II is the acquisition of Care.com from IAC Inc., completed through a Pacific Avenue affiliate. Care.com operates at the intersection of consumer marketplace and enterprise benefits, commanding a substantial position in the $400 billion family care market. The platform has attracted 45 million cumulative users since 2007 and maintains partnerships with over 700 employers, including numerous Fortune 100 companies, across child care, senior care, pet care, and housekeeping services. The transaction reflects Pacific Avenue's stated investment thesis: acquiring market-leading businesses with strong fundamentals and identifiable value creation opportunities through corporate separations.
As a standalone entity under Pacific Avenue's ownership, Care.com is positioned to accelerate product innovation, expand enterprise employer partnerships, and enhance platform functionality for both consumers and caregivers. Pacific Avenue's support model emphasizes operational leverage and scaling capabilities—core competencies underscored by Managing Partner and Founder Chris Sznewajs's leadership approach.
The firm's organizational growth supports its expanded geographic footprint and fund management responsibilities. Recent team additions include Allen Schaar and Chris Nealey, with Jack Marut advanced to Vice President. Earlier, in September 2022, Pacific Avenue appointed Drew Nicoletti as VP of Business Development. These hirings align with the firm's European market expansion strategy and reflect a deliberate build-out of operational and business development infrastructure to support Fund II's deployment and portfolio company value creation initiatives.
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