Associated Capital Group, Inc. announced that it intends to launch a new private equity investment management business focused on leveraged buyouts and restructuring of small and mid-sized companies.

AC has recently formed Gabelli Private Equity Partners, LLC, a Nevada limited liability company, to manage a private equity portfolio that is expected to be funded with up to $150 million of the company’s capital.

Commenting on the new initiative, Doug Jamieson, CEO of the company said, “GPEP is a logical extension of Gabelli’s investment platform based on our 40 year history of valuing companies on a private market value basis. As further background, in the mid-80’s, we launched a private equity fund, Gabelli-Rosenthal, which had in excess of $300 million of capital (in today’s dollars)."