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Manzanita Capital
Manzanita Capital began in 2001 as the investment arm of Pisces, Inc., the primary holding company for the Fisher family. William S. Fisher serves as Executive...
Manzanita Capital
Manzanita Capital began in 2001 as the investment arm of Pisces, Inc., the primary holding company for the Fisher family. William S. Fisher serves as Executive Vice Chairman of Pisces while his brother Robert J. Fisher acts as Managing Director. The office traces its capital directly to the retail fortune created by Gap Inc. The firm concentrates on luxury and premium niche beauty companies. It commits across private equity buyouts, growth equity and early-stage venture. Confirmed positions include Space NK and brands later acquired by Yatsen and Harmay. Manzanita also runs Manzanita Capital Collective, which has backed AI/ML and consumer-tech applications in beauty. Geographic coverage spans the US, UK, Europe, China, Hong Kong and Japan. Investments take the form of direct equity, co-investments and select SPVs. The team remains small and London-based. William S. Fisher and Robert J. Fisher continue to oversee strategy through Pisces. Adjacent vehicles include the Mighty Arrow Family Foundation and Manzanita Foundation. In 2024 Manzanita Capital Collective partnered with Community Credit Lab and Kitchen Table Advisors to launch a lending program for California farmers. Manzanita operates as a sector specialist rather than a diversified multi-family office. Its mandate limits activity to beauty and adjacent consumer categories, allowing repeated use of the same distribution, regulatory and talent networks across every holding.
General information
Firm type
Multi Family Office
Year founded
2001
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
William S. Fisher
Founder
Barbara Donoghue
Director
Anthony Chang
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Manzanita Capital?
William S. Fisher founded the firm and continues to direct strategy through Pisces, Inc. Barbara Donoghue serves as Director and Anthony Chang as Partner. Decisions reflect the permanent-capital mandate of the Fisher family.
How does Manzanita Capital source proprietary deal flow?
The firm leverages its beauty-sector focus and board seats to identify founder-led companies. Existing portfolio relationships and geographic coverage in the US, UK, Europe and Asia generate repeat opportunities.
Does Manzanita Capital participate in fund commitments or only direct deals?
Manzanita executes direct equity investments, co-investments and SPVs. It does not publish allocations to external funds.
What investment stages does Manzanita Capital typically target?
The firm covers buyout, growth equity and early-stage venture within the beauty sector. It has backed both established platforms and disruptive early companies.
Where does the underlying wealth come from?
Capital originates from the Fisher family stake in Gap Inc. Pisces, Inc. serves as the primary holding company for that wealth.
Does Manzanita Capital maintain philanthropic structures, and how are they separated?
The firm is linked to the Mighty Arrow Family Foundation, Manzanita Foundation and Manzanita Works. These entities operate separately from the investment office.
What is Manzanita Capital's known posture on co-investments alongside external GPs?
Manzanita executes direct deals and co-investments inside the beauty sector. It does not disclose participation in third-party fund commitments.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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