Silver Oak Services Partners has closed its latest fund, Silver Oak Services Partners Fund IV LP, at its hard cap of $500 million.
With the closing of this new fund, Silver Oak now has more than $1.1 billion in assets under management. The firm’s earlier fund, Silver Oak Services Partners Fund III LP, closed in March 2016 at its $335 million hard cap.
Fund IV received capital commitments from both existing and new investors including corporate pension plans, fund of funds, insurance companies, endowments and foundations, public pension funds and family offices.
Silver Oak makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $25 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services.
Fund IV has not yet acquired any platform companies. The most recent platform investment by Silver Oak’s third fund was the December 2018 buy of Boston-based Keystone Partners, a provider of outplacement, career management, executive coaching, and leadership development services (www.keystonepartners.com). In July 2019, Keystone added-on with the buy of the career transition and leadership development business of Chicago-based Kensington International.
New York-based Forum Capital (www.forumcp.com) was the financial advisor and placement agent to Silver Oak for this fundraise.
Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com).
© 2019 Private Equity Professional | August 6, 2019