After three months in the market, Sverica Capital Management has held a first and final close of its fifth fund, Sverica Capital Partners V LP. The new fund was oversubscribed and closed at its hard cap with $450 million of capital commitments.
Sverica invests from $10 million to $40 million in US or Canadian-based companies with enterprise values up to $150 million. Sectors of interest include technology, business services, healthcare and high-value industrial products.
“We appreciate the strong interest that was shown by the limited partner community in our investment strategy, enabling us to close at the hard cap within a three-month effort,” said Dave Finley, a managing partner at Sverica. “This is an important step forward for Sverica that will allow us to further invest in the firm’s capabilities in our pursuit of industry-leading results.”
“We are extremely flattered by the strong support we received from our existing investors and the positive reception from new investors,” said Jordan Richards, a managing partner at Sverica. “We are excited about the opportunity to continue to partner with talented executives throughout Fund V as we endeavor to help them grow category-leading companies and push to new pinnacles within their respective industries.”
Sverica has not yet closed on any platform investments for Fund V but has been active with other transactions. In August 2019, the firm sold Dexmet Corporation, a Connecticut-based maker of specialty metal foils and polymers used in aerospace (aircraft lightning strike protection) and energy storage (anodes and cathodes), to PPG (NYSE: PPG). Sverica acquired Dexmet in March 2013 from MCM Capital Partners. Dexmet experienced strong growth over Sverica’s 6.5-year investment period.
With the closing of Fund V, Sverica has now raised over $1.1 billion across five funds and invested in 34 portfolio companies since its founding in 2001. The firm has offices in Boston and San Francisco (www.sverica.com).
© 2019 Private Equity Professional | October 8, 2019