Sheridan Capital Partners has held an oversubscribed and hard cap closing of its second fund, Sheridan Capital Partners Fund II LP, with $300 million in limited partner commitments. The firm’s first fund closed in 2012 with $150 million in limited partner commitments.
Investors in Fund II, which had an initial target of $250 million, include a mix of insurance companies, fund-of-funds, family offices and asset managers located across North America, Europe and the Middle East.
Sheridan makes investments of $15 million to $50 million in lower middle-market companies with $3 million to $15 million of EBITDA. The firm invests in recession-resistant, non-discretionary markets within the healthcare industry including service providers, information technology, outsourced services, consumer health, and medical products. Sheridan, led by its partners Jonathan Lewis and Sean Dempsey, was founded in 2012 and is headquartered in Chicago.
“We are extremely pleased with the support provided by our investors, both new and existing, which allowed us to exceed our target and hit our hard cap for Fund II in a competitive and challenging fundraising environment,” said Mr. Lewis. “We would also like to thank our placement agent Sixpoint Partners for their partnership throughout the fundraise.”
“Sheridan’s oversubscribed sophomore fundraise in a highly selective environment shows a strong vote of confidence in Jonathan, Sean and the rest of the Sheridan team,” said Eric Zoller, the founder and a partner at Sixpoint.
New York City-headquartered Sixpoint is an advisor to the middle-market private equity industry with three areas of focus: primary fund placement and advisory; secondaries fund advisory; and co-investment placement across a range of industries, strategies, and geographies.
“The entire Sheridan team is excited to continue its strategy of partnering with high quality, lower middle market healthcare businesses and executives, leveraging our sector expertise and proven operating playbook to accelerate growth across our portfolio both organically and through acquisitions to build market-leading companies,” concluded Mr. Dempsey.
Kirkland & Ellis provided legal services to Sheridan on this fundraise.
© 2021 Private Equity Professional | January 20, 2021