Hard Working Percheron Closes Debut Fund

Percheron Capital has closed its inaugural fund, Percheron Capital Fund I LP, with total capital of $770 million. Percheron’s new fund was raised in just eight months, was oversubscribed, and closed at its hard cap.

Limited partners in Fund I include university endowments, charitable foundations, pension funds, financial institutions, family offices and fund-of-funds.

Percheron was co-founded in June 2020 by Chris Collins and Chris Lawler; both are former professionals of Golden Gate Capital where they worked together for almost ten years. Percheron targets middle-market services businesses in the animal health, automotive, education, food & beverage, healthcare & wellness, and residential end markets.

“For more than a decade Chris and I have been partnering with talented founders and management teams to build market-leading businesses, and at Percheron we have brought together an outstanding team that shares our vision,” said Mr. Lawler. “We are thankful for the support of our investors and look forward to generating long-term value for them and the businesses we partner with.”

In March 2021, Fund I acquired its first portfolio company with the buy of Big Brand Tire & Service, a tire and automotive service business headquartered near Los Angeles in Camarillo, California. A month later, Percheron added another Fund I platform with the acquisition of Garden State Veterinary Specialists, a Tinton Falls, New Jersey-based provider of specialty and emergency veterinary services.

San Francisco-based Percheron Capital takes its name from a breed of draft horses that originated in the Perche province of western France. Usually gray or black in color, Percherons are well muscled, and known for their intelligence and willingness to work.

“We are thrilled with the tremendous support we received from a global group of leading investors,” said Mr. Collins. “This fundraise is an endorsement of our differentiated, operationally-oriented investment strategy and our partnership approach. With a portfolio of high-quality businesses and a robust investment pipeline of attractive opportunities, we are excited about the future with our limited partners.”

Kirkland & Ellis provided legal services to Percheron on this fundraise.

© 2021 Private Equity Professional | September 20, 2021