Beringer Capital has held a final close of Beringer Capital Fund IV LP (Fund IV) with US$307 million of capital commitments. The firm’s new fund, operating as the Digital Transformation Opportunity Fund, is the largest it has ever raised.
Limited partners in Fund IV – both new and existing – include pension plans, funds-of-funds, financial institutions, family offices, and high-net-worth individuals.
Beringer specializes in companies that have more than $5 million of EBITDA and are active in the media, marketing services, consumer and technology sectors. According to Beringer, the close of Fund IV takes place as the COVID-19 pandemic has reshaped consumer behavior, upended traditional business models, and forced companies to accelerate digital transformation efforts in the areas of data, customer experience, marketing, commerce, and artificial intelligence.
“We’re committed to investing in firms where we know we can add significant value,” said Perry Miele, the chairman and a managing partner of Beringer. “With the support of Fund IV, we are excited to form new partnerships and assist founder-led companies in navigating the digital transformation era.”
Fund IV has already invested in three companies including Perform[cb], a Florida-based provider of online marketing services used in new customer acquisition, which was acquired in May 2021 from Centre Lane Partners; The Inman Group, a Florida-based integrated media company focused on the residential real estate industry, acquired in July 2021; and Benzinga, a Michigan-based provider of digital financial media, investment analytics, and market information, acquired in October 2021.
Earlier investments made by Beringer through prior funds include Adweek, a B2B trade media and events company that was sold to Shamrock Capital in May 2020; and Blue Acorn iCi, a provider of customer experience, commerce and analytic services that was sold to publicly traded InfoSys (NYSE: INFY) for $125 million in October 2020.
Beringer Capital is headquartered in Toronto with an additional office in New York City.
© 2021 Private Equity Professional | November 11, 2021