Certares Eyes at Least $5 Billion for New Private Equity Fund

Certares is aiming to raise $5 billion to $6 billion for the vehicle, Certares Holdings II LP, and may hold a so-called first close at $1 billion to $2 billion

Certares Management is an investment firm led by Hertz Global Holdings Inc. Chairman Greg O’Hara.
By Gillian Tan and Eliza Ronalds-Hannon
March 25, 2022 | 12:20 PM

Bloomberg — Certares Management, an investment firm led by Hertz Global Holdings Inc. Chairman Greg O’Hara and dedicated to the travel, tourism and hospitality industries, is seeking capital for a new private equity fund, according to people with knowledge of the matter.

Certares is aiming to raise $5 billion to $6 billion for the vehicle, Certares Holdings II LP, and may hold a so-called first close at $1 billion to $2 billion as soon as next month, some of the people said. The New York-based firm is discussing the fund with institutional investors, said the people, who asked not to be identified because talks are private.

A Certares representative declined to comment. The firm managed $7.8 billion at the end of 2021.

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Before founding Certares in 2012, O’Hara held roles at JPMorgan Chase & Co. and One Equity Partners. Many of Certares’s senior staffers, including Colin Farmer and Henry Briance, also worked at One Equity. The firm also counts former Goldman Sachs Group Inc. partner Jeff Nedelman among its senior staffers.

Certares teamed up with credit-focused Knighthead Capital Management last May to raise $1.5 billion for bets on distressed travel assets. That vehicle has backed companies including Hertz, Brazilian airline Azul SA and Latam Airlines Group SA. Certares has also invested in companies including aviation services company Avia Solutions Group Plc and technology firm Avoya Travel USA LLC, its website shows.