Restaurateur Danny Meyer starts $220 million private-equity fund
By Charles Passy
Fund seeks investments outside the restaurant world
New York restaurateur and Shake Shack founder Danny Meyer has gone into the private-equity business, raising $220 million in a fund that is investing in companies that share his employee-centric focus.
The private-equity fund, called Enlightened Hospitality Investments LP, will seek to further expand Meyer's business into new regions and industry sectors. The fund is being run by Meyer's Union Square Hospitality Group (USHG), and includes outside investors along with USHG itself.
"This is an opportunity to step out of the restaurant" world, Meyer said in an interview.
The 59-year-old restaurateur has earned a reputation as a forward-thinker. He launched Union Square Cafe in Manhattan, his signature establishment, in 1985 when the Union Square neighborhood was far from the popular locale it is today. He created the fast-casual Shake Shake (SHAK) burger-focused chain in 2004 before fast-casual was a dining buzzword.
An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/nyc-restaurateur-danny-meyer-raises-private-equity-funds-1506898801?mod=mktw).
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