Aldine Capital Partners has held a final closing of its third fund, Aldine Capital Fund III LP, with total capital of $240 million. The new fund was significantly oversubscribed and had an initial target of $200 million.
Limited partners in Fund III include financial institutions, university endowments, fund of funds, family offices, and high net worth individuals.
As with the firm’s earlier funds, Aldine will invest from $4 million to $20 million of subordinated debt and equity in companies with a minimum of $10 million in revenue and $2 million in EBITDA. Aldine typically invests alongside independent sponsors, private equity funds, family offices, and management teams.
The firm has not yet closed any Fund III investments, but it expects several transactions to close within the next thirty days.
Earlier this year, Aldine completed its last Fund II investments. In February it provided subordinated debt and equity to back CID Capital’s buy of Corvette America (www.corvetteamerica.com), a Reedsville, PA-based manufacturer, distributor, and online seller of Corvette and Mustang aftermarket products, from Restoration Parts Unlimited, a portfolio company of Dubin Clark & Company; and in January, Aldine invested subordinated debt and equity to back Corridor Capital’s buy of FMT Solutions (www.fmtsolutions.com), a Lake Oswego, OR-based provider of education courses and marketing services to the retirement planning and wealth management services market.
Since its founding in 2006, the firm has made 48 investments and now, with the closing of Fund III, manages over $500 million of committed capital across its three junior capital funds.
Aldine Capital Partners is led by its Managing Partner Michael Revord, and Partners Bert Brahm and Steve Groya. The firm is headquartered in Chicago (www.aldinecapital.com).
© 2019 Private Equity Professional | June 10, 2019