Shore Closes Two Funds, Expands Into Food

Shore Capital Partners has held a first and final closing of its third institutional healthcare private equity fund, Shore Capital Healthcare Partners Fund III LP (HC Fund III) at $293 million, and its inaugural food and beverage fund, Shore Capital Food & Beverage Partners Fund I LP (F&B Fund I), at $148 million.

Commitments to both HC Fund III and F&B Fund I came from the firm’s existing investors, plus new limited partners, including university endowments, financial institutions, funds of funds and family offices. As usual, the partners of Shore have committed capital alongside both funds. With these closings, Shore now manages a total committed capital base of more than $1 billion.

HC Fund III surpassed its target of $250 million and was oversubscribed. The fund will invest primarily in control buyouts, focusing on microcap healthcare businesses with revenues between $5 million and $100 million. HC Fund III is led by partners Justin Ishbia, Ryan Kelley, Michael Cooper, John Hennegan, Don Pierce and Chris Mioton.

Like its sister fund, F&B Fund I also closed above its target of $125 million and was oversubscribed. This fund will make control investments in food and beverage related manufacturers, distributors, packagers, and business-to-business service companies that have between $5 million and $100 million of revenue. F&B Fund I is led by partners Justin Ishbia and Richard Boos. Mr. Boos joined Shore in October 2018 from Chicago-based food and beverage investor Arbor Investments.

“We are thrilled and humbled by the reception these funds have received from such a highly-respected group of investors,” said Mr. Ishbia. “Having the ability to expand our expertise and knowledge into the food and beverage space while simultaneously continuing our original healthcare-focused strategy is an attractive opportunity for our limited partners and firm as a whole. As we strive to continue achieving a top-tier track record, we sincerely thank our limited partners who have instilled a significant amount of trust and confidence in our experienced and talented team of investment and operating professionals.”

Kirkland & Ellis (www.kirkland.com) served as legal advisor to Shore and the firm did not use a placement agent for either HC Fund III or F&B Fund I.

Shore Capital Partners was founded by Justin Ishbia in 2009 and is based in Chicago (www.shorecp.com).

© 2019 Private Equity Professional | April 17, 2019

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