New Harbor Capital has held a closing of New Harbor Capital Fund, LP, a $146 million private equity growth buyout fund. The new fund received support from US and European institutional investors, primarily comprised of college endowments, public pension plans, fund-of-funds, insurance companies, high net worth individuals and family offices.
“We are excited to announce the successful closing of our first fund,” said Tom Formolo, Partner. “We welcome a diverse group of limited partners with whom we look forward to building long-term relationships. Now that we have completed our fundraising, we are focused on partnering with sellers and management teams in growing healthcare, education and business services companies.”
New Harbor was co-founded by Tom Formolo and Ed Lhee, long-time Partners at CHS Capital. The firm invests from $10 million to $30 million in lower middle market companies that have EBITDAs from $3 million to $15 million. Sectors of interest include growth-oriented business services companies with emphasis on the healthcare and education industries. New Harbor is based in Chicago (www.newharborcap.com).
Mr. Lhee, Partner, added, “We greatly appreciate the trust that our limited partners have placed in our team. We believe there are tremendous opportunities to create value in the lower-middle market. Our experience and operationally-focused approach combined with the insights, relationships and networks of our nine Executive Advisors positions us well for success and we look forward to delivering attractive returns to our investors.”
Karis Capital Partners (www.kariscp.com) based in Stamford, CT was the exclusive placement agent for this fundraising and Kirkland & Ellis acted as fund counsel.
© 2015 PEPD • Private Equity’s Leading News Magazine •3-2-15