Eureka Growth Capital Management has held a final closing of Eureka III, LP at its hard cap of $175 million, exceeding its $150 million target. The new fund is the successor to Eureka’s $130 million second fund and its fully-realized first fund of $85 million.
“We are extremely pleased to receive overwhelming support from our existing investors and to welcome several new institutional investors to Fund III,” said Chris Hanssens, Managing Partner of Eureka Growth Capital. “Institutional investors are reducing the number of their relationships and making larger commitments to fewer general partners, so we are obviously thrilled that our differentiated strategy and commitment to invest out of a series of smaller vehicles resonates with such a select group of investors. We are confident in our ability to identify and partner with uniquely-talented management teams to build growing, niche-market leaders that drive superior returns for our investors.”
Eureka Growth Capital makes control and non-control investments in companies with $10 million to $75 million in revenue. Initial equity investments range from $4 million to $10 million but larger investments can be made with co-investment from the firm’s limited partners. The firm prefers investment opportunities in the Mid-Atlantic and Eastern US. Eureka Growth was founded in 1999 and is based in Philadelphia (www.eurekagrowth.com).
To date, Eureka has closed two platform acquisitions for Fund III, Creative Co-Op and West Academic Publishing. Creative Co-Op is a designer and marketer of home accent, décor and gift products. The company was acquired in January 2013 and is based in Memphis, TN (www.creativecoop.com). West Academic Publishing is a publisher of legal textbooks, casebooks, study guides and other course-related materials in both print and digital media formats for law school faculty and students. The company was acquired in February 2013 and is based in Eagan, MN (www.westacademic.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-17-14