Alpine Investors has held a hard cap close of Alpine Investors VII LP with $1 billion in limited partner capital commitments. The new fund was oversubscribed and handily beat its original target of $750 million.
Investors in Fund VII include many returning fund-of-funds, pension funds, endowments, and family offices and new institutional investors from Europe, Asia and North America. Alpine’s earlier fund, Alpine Investors VI LP, closed at its hard cap in June 2017 with $532 million of committed capital. With the closing of Fund VII, Alpine now has total assets under management of $2.7 billion.
“We are very grateful to the diverse group of new and returning limited partners who have demonstrated their confidence in our approach to private equity,” said Graham Weaver, founder and CEO of Alpine. “Our PeopleFirst strategy drives highly engaged company cultures, business growth, and financial performance.” Alpine’s PeopleFirst strategy includes a CEO-in-Training and CEO-in-Residence program where Alpine recruits and places high caliber executives into its acquired companies.
With Fund VII, Alpine will continue to invest in control buyouts, majority recapitalizations, and corporate carve-outs of recurring revenue software and services businesses, with total enterprise values of up to $400 million for platforms and as low as $5 million for add-ons. The firm was founded in 2001 and is based in San Francisco.
Alpine has been active over the past year, completing 37 investments in platforms and add-on acquisitions. Most recently, Apex Service Partners (ASP) – Alpine’s HVAC, plumbing, and electrical services platform – acquired Southern Air Heating & Cooling, a provider of residential HVAC services in Louisiana and Mississippi. ASP was launched by Alpine in late July 2019 as a new platform to consolidate the firm’s investments in the home services sector. In June 2019, Alpine acquired Best Home Services, a Florida-based HVAC, plumbing and electrical service and repair business with 300 employees; and in early July 2019, Alpine acquired Florida-based Frank Gay Services, a plumbing, HVAC, electrical and mechanical services company with 175 employees.
© 2019 Private Equity Professional | November 14, 2019