Lower middle market private equity firm Endeavour Capital has held a final closing of Endeavour Capital Fund VII at $775 million, the firm’s largest fund to date. The fund was oversubscribed and reached its hard cap of limited partner commitments, exceeding its initial target of $700 million. Endeavour began fundraising in September 2014 and closed the fund on December 22, 2014.
“Our fundraising was completed quickly thanks to the continued loyalty and support of our solid investor base who appreciates Endeavour Capital’s consistent business strategy over the last 23 years, and our ability to attract new investors who recognize our track record of success in the lower middle market,” said John von Schlegell, Endeavour managing director.
Fund VII has similar terms to Endeavour’s prior fund, Fund VI, which was raised in 2011 with $675 million of commitments. “Fund VII will mirror the same strategic approach of our previous funds and invest in both regional opportunities and targeted industries for long-term risk adjusted returns,” said Mr. von Schlegell.
Endeavour Capital invests from $25 million to $100 million of equity in middle market companies with EBITDA’s of $5 million to $50 million. Sectors of interest include food and consumer, transportation and logistics, healthcare and business services. Including Fund VII, Endeavour now has approximately $2 billion in capital under management. The firm was founded in 1991 and has offices in Portland, Seattle, Denver and Los Angeles (www.endeavourcapital.com).
“In Fund VII we will continue our practice of patient investments with below market leverage in lower middle market companies over long hold periods,” said Stephen Babson, Endeavour managing director. “With our experienced team and proven investment strategy, we remain committed to generating strong and consistent returns and enhancing long-term partnerships with our investors.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-6-15