Largest Fund Ever for Constitution Capital

Constitution Capital Partners has held a final close of its fifth fund – Ironsides Partnership Fund V LP and Ironsides Direct Investment Fund V LP – with total commitments of $1 billion (Fund V).

Fund V is the largest the firm has ever raised, it easily exceeded its $600 million target, and was larger than its predecessor fund which closed with $755 million of capital in December 2016. Investors in Fund V include new and existing public pension plans, corporates, Taft-Hartley plans, foundations, endowments, family offices and high net worth investors.

“This latest fundraise is a testament to our team’s demonstrated track record of investing across market cycles and sectors,” said Daniel Cahill, a managing partner at Constitution Capital. “We are grateful to our longstanding and new limited partners for their support and look forward to putting their capital to good use in quality partnership and co-investment opportunities across North America.”

As with its earlier funds, Fund V invests in private equity funds that have from $400 million to $2 billion in total commitments and makes direct investments in North America-based small to mid-cap companies that have enterprise values from $100 million to $1 billion. To date, Fund V has completed 27 direct investments and 11 fund investments.

“For more than three decades, we have developed deep sector expertise through fundamental research and a commitment to proactively building long-term relationships with best-in-class fund managers and high growth businesses,” said John Guinee, a managing partner at Constitution Capital. “We look forward to continuing to execute on this strategy while serving as a preferred partner.”

Constitution Capital is headquartered in Boston with an additional office in New York City.

Ropes & Gray provided legal services to Constitution Capital for this fundraise.

Private Equity Professional | April 29, 2020

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