Huron Capital Partners has closed the firm’s fifth fund, The Huron Fund V, LP, with $550 million of total limited partner capital commitments.
The new fund closed at its hard cap and in excess of its $500 million target. The final close was reached after just three months of marketing and was oversubscribed with over $1 billion of demand. Limited partners in the new fund included endowments, foundations, multi-manager funds, public pensions, corporate pensions and family offices. The firm’s earlier fund, The Huron Fund IV, LP, closed with $500 million of total commitments in January 2013.
Huron invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include specialty manufacturing, business services, consumer goods & services, and healthcare. The firm is led by its senior partners Brian Demkowicz, Michael Beauregard, John Higgins and Peter Mogk. Huron was founded in 1999 and has offices in Detroit and Toronto (www.huroncapital.com).
“We deeply value the tremendous confidence and broad support that our new and existing investors have placed with our experienced investment team and remain focused on delivering strong returns to our LP base,” said Mr. Demkowicz. “We look forward to deploying our buy-and-build strategy in partnership with seasoned executives to improve and grow our businesses through strategic initiatives, operational improvements and add-on acquisitions.”
Sixpoint Partners was the placement agent on this fundraise. “With over $1 billion of demand for Fund V, we believe Huron’s 16-year track record drove
robust demand from investors for its disciplined investment process and proven strategy,” said Eric Zoller, a Partner at Sixpoint. “Huron is an excellent representative of Sixpoint’s exceptional relationships in the lower middle market for our LPs.” Just last month, Incline Equity Partners with Sixpoint as its placement agent, held a final close of its fourth fund with $601 million of total capital commitments. Sixpoint is headquartered in New York with offices in Chicago, San Francisco and Hong Kong (www.sixpointpartners.com).
Kirkland & Ellis (www.kirkland.com) counseled Huron on the formation of this fund. The Kirkland team was led by investment funds partners Nicholas DiCrescenzo and Bruce Ettelson and associates Zachary Oswald and Michael Wester; and included investment management partner Michael Chu; and tax partner Daniel Meehan. In the past three years alone, Kirkland has advised nearly 300 private investment fund sponsors, raising more than 400 funds representing in excess of $315 billion of capital commitments.
© 2017 Private Equity Professional | February 2, 2017