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Friday, Jul 1, 2022

Sole Source Capital Moves Headquarters to Dallas

Sole Source Capital, a private equity firm headquartered along Santa Monica’s Ocean Avenue since its founding in 2016, quietly moved its headquarters to Dallas.

The firm abandoned its Santa Monica roots at the end of last year though it is still keeping a branch office on Ocean Avenue, the firm’s spokesman said.

On Oct. 13, the private equity company had announced it hit the threshold of $1 billion in assets under management — a largely ceremonial deal in the private equity world. Westwood-based private equity firm Diversis Capital Management hit the $1 billion mark this summer.

Sole Source closed on its second fund with commitments totaling $555 million, pushing its assets under management to more than $1 billion. Fund II was significantly oversubscribed with an initial target of $400 million.

The company’s headquarters move had apparently been in the works for a while but had never been announced.  
The state Secretary of State, which keeps records on companies incorporated in California, shows on its website that Sole Source’s principal address was still in Santa Monica on July 9.

“There were two locations all along, and the headquarters moved, yes,” confirmed the spokesman, who did not elaborate.
Sole Source founder and CEO David Fredston was unavailable for comment. 

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