Alpine Hits Fund VII Hard Cap

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.

Evercore was Alpine’s placement agent on this fundraise and Kirkland & Ellis provided legal services.

© 2019 Private Equity Professional | November 14, 2019

Print Friendly, PDF & Email

Related Articles

Revelstoke Closes Fund II Revelstoke Capital Partners has held a final closing of Revelstoke Capital Partners Fund II LP (RCP Fund II) and Revelstoke Single Asset Fund I LP (RS...
Dyal Closes Largest Minority Fund Ever Raised Dyal Capital Partners, a division of Neuberger Berman, has held a final closing of Dyal Capital Partners IV LP (Fund IV) with over $9 billion of commi...
Raymond James Expands Financial Sponsors Team Raymond James has added Edward Lee as a managing director to the firm’s financial sponsors investment banking practice. Mr. Lee will be based in New Y...
Still the Same Generally favorable market conditions for private business sellers continued to prevail in the third quarter, according to GF Data’s just-released Nov...
Cortec’s Seventh Fund is “One and Done”... Cortec Group has held a first and final closing of its seventh institutional private equity fund, Cortec Group Fund VII LP, at its hard cap of $2 bill...
ZMC Closes at Hard Cap After just seven months of fundraising, ZMC has held a final close of ZMC III LP and ZMC III Parallel LP (together Fund III) with total capital commit...