Benford Closes First Fund

Benford Capital Partners has held a final closing of its inaugural private equity investment fund, Benford Capital Partners Fund I LP. The new fund closed with total limited partner commitments of $130 million, markedly above its target of $100 million.

Investors in BCP I include university endowments, family offices, pension funds, fund of funds, and high net worth individuals. Edward Benford and Benjamin Riefe – Benford’s founding partners – also made significant investments.

“We are extremely grateful to each of our limited partners for their support and confidence in us,” said Mr. Benford. “We’re excited about the next chapter of growth for our firm and continuing our strategy of scaling unique lower middle market businesses in partnership with management.”

Chicago-based Benford invests in lower middle-market companies that have revenues from $5 million to $50 million. Sectors of interest include niche manufacturers, unique service companies, and specialty distributors.

BCP Fund I has already acquired its first platform with the November 2019 buy of LiteSentry, a Northfield, Minnesota-based provider of inspection, test, and measurement systems that are used to inspect flat glass during production for optical distortion, stress profiles, defects, and coatings.

Since being founded in 2004, Benford has acquired 20 companies – with a current portfolio of 14 companies – and now has 9 investment and operating professionals.

“The lower middle market continues to offer compelling investment opportunities that align with our operational approach to long-term value creation,” said Mr. Riefe. “In Fund I, we look forward to building upon our past success while continuing to grow and develop our team of investment and operating professionals.”

Triago was the placement agent for this fundraise and Kirkland & Ellis provided legal services.

Private Equity Professional | September 10, 2020

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