Charlesbank Capital Partners has held a final closing of Charlesbank Equity Fund IX LP at its hard cap of $2.75 billion. Fundraising began in June 2017.
Investors in Fund IX include public and corporate pension funds, endowments, foundations, family offices, sovereign wealth vehicles and financial institutions.
“We are privileged to have such a world-class group of limited partners, and we are especially grateful for the ongoing support of our returning investors,” said Michael Eisenson, Managing Director and Co-Chairman of Charlesbank. “Many of them have been with us for multiple funds, and their long-term conviction in Charlesbank has been key to our success.”
Charlesbank will invest between $50 million and $250 million in each Fund IX portfolio company and will also make opportunistic credit investments. Additionally, an overage allocation program established simultaneously with commitments from Fund IX investors will allow Charlesbank to commit larger amounts per transaction if needed.
“The in-depth dialogue with our limited partners through the fundraising process always results in enriching perspectives that help make us a better steward of their capital, and we are truly gratified by the strong support we have received,” said Michael Choe, Charlesbank’s CEO. “We are as committed as ever to deliver continued strong results by maintaining the disciplined and fundamentals-focused investment approach that has guided Charlesbank since its inception.”
Charlesbank invests in management-led buyouts and growth capital financings in companies with enterprise values of $150 million to $1.5 billion. Sectors of interest include consumer, industrial, industrial services and distribution, TMT and business services.
Over its 19-year history, Charlesbank has invested more than $4.5 billion in more than 50 middle-market companies. The firm has a team of 58 people and maintains offices in Boston and New York (www.charlesbank.com).
© 2017 Private Equity Professional | October 25, 2017