Psarouthakis gears up fundraising for private-equity firm.(John Psarouthakis)(JPInvest L.L.C.)

Crain's Detroit Business, September, 2006 by Henderson, Tom

Byline: Tom Henderson John Psarouthakis, who flew high in the 1980s and crashed in the 1990s running two firms that bought underperforming manufacturing companies, will start fundraising later this month for a new private-equity firm targeting troubled manufacturers. Bloomfield Hills-based JPInvest L.L.C., armed with what Psarouthakis hopes will be a fund of at least $100 million, will start with Michigan companies, including auto suppliers, and later branch out to the Midwest.

"We're about to finalize our private-offering memorandum,'' Psarouthakis said. "We hope to start hitting the road the end of this month. When will we have the money raised? I wish I knew.'' Psarouthakis said the company hopes to raise the money in three rounds over coming...

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