New Capital Partners (NCP) has held a final closing of its third private equity fund, New Capital Partners Private Equity Fund III L.P., with $232 million of committed capital. The fund was significantly oversubscribed, surpassing its $200 million target and reached its fundraising hard cap. New Capital Partners initiated fundraising for its new fund in March 2014.
New Capital Partners invests from $2 million to $20 million of equity capital in private companies in the lower middle market that have revenues greater than $5 million. Sectors of interest include healthcare services and IT, financial services and IT and general business services. NCP primarily invests in the Southeast and Texas. The firm was founded by managing partners, James Outland and Jim Little and has offices in Birmingham, AL (main office) and Dallas, TX (www.newcapitalpartners.com).
“We are pleased to announce the closing of New Capital Partners Private Equity Fund III and we are honored that our investors have continued to support our efforts and we look forward to working hard to build great companies and earn their confidence in investment strategy” said Mr. Outland.
Since 2001, NCP has made more than 25 investments, representing $150 million of invested capital, with a strategy to find companies in niche industries with organic growth opportunity. New Capital Partners’ previously exited investments have included: Awarix, which was sold to McKesson (NYSE: MCK), HospiScript, which was sold to Catamaran (NASDAQ: CTRX), and Senior Whole Health, which was sold to TA Associates. In addition, current portfolio companies include, Cogent Partners, TelaDoc, Hospice Partners, and Medsurant Monitoring.
Lazard served as the NPC’s placement adviser. Proskauer Rose is NPC’s fund counsel and was legal advisor during fundraising.
2014 PEPD • Private Equity’s Leading News Magazine • 7-28-14