The former management team of HSBC Capital Management has completed investment advisory arrangements with HSBC and formed an independent private investment firm called Graycliff Partners.

The New York-headquartered investment firm focuses on private equity, mezzanine and real estate investment in middle-market companies in the US and Latin America. It will manage around $1 billion in commitments from existing funds as well as look to manage new generations of funds.

Graycliff, which started out as Midland Montagu Private Equity before becoming HSBC Capital, has a 16-strong team of investment professionals developed over its history. As well as New York, it has offices in São Paulo, Brazil. In New York the four managing directors are Stephen Hindmarch, James Marley, Dave Mullen and Andrew Trigg. They are joined by chief financial officer Steven Schaefer and principals Will Henderson, Javier Ledesma-Arocena and Duke Punhong. In Brazil, Cristiano Boccia is managing director and Guilherme Cunha is a principal.