TZP Group has closed TZP Capital Partners III LP with $565 million in capital commitments. The new fund was raised in just three months and was oversubscribed from its initial $450 million target. The firm’s earlier fund closed in August 2013 with $370 million in capital commitments.
Fund III’s limited partners consist of existing prior TZP funds’ investors, as well as new investors including sovereign wealth funds, pension plans, endowments, fund of funds and family offices.
“We are grateful for the tremendous level of support we received from our TZP II investors and are excited to welcome a prestigious group of new investors in TZP III,” said Sam Katz, Managing Partner and Co-Founder. “The investor base recognized the quality and success of our team and appreciated its commitment to continuous improvement of our well designed investment process. We look forward to continuing to build upon the leading brand we have established in the lower middle market on behalf of the investors in TZP III.”
TZP Group invests from $20 million to $100 million in companies that have EBITDAs between $8 million and $35 million and enterprise values of between $50 million and $250 million. Sectors of interest include business and consumer services companies including franchising; outsourced business and IT; marketing and media; travel and hospitality; and specialty finance.
TZP was founded in 2007 and is led by Sam Katz, its Managing Partner. Together with Mr. Katz, the firm is led by Partners, Vlad Gutin, Dan Galpern and Harris Newman, as well as 19 other investment professionals from offices in New York, San Francisco and Seattle (www.tzpgroup.com).
TZP did not use a placement agent for this fundraise. Robert Blaustein of Kirkland & Ellis provided legal counsel in the formation of the fund.
© 2017 Private Equity Professional | April 18, 2017