Frontenac has held an above-target and oversubscribed final closing of its 13th fund, Frontenac XIII Private Capital LP (Fund XIII), with $900 million in committed capital. The fund’s target at the launch of fundraising was $700 million.
Fund XIII’s limited partners include United States and international endowments, foundations, pension funds, sovereign wealth funds, asset managers, consultants, and family offices.
Frontenac’s earlier funds include Frontenac XII (2022) at $520 million, Frontenac XI (2018) at $325 million, and Frontenac X (2014) at $250 million.
Frontenac invests from $25 million to $75 million in lower middle-market businesses that have EBITDA from $5 million to $25 million and operate in the consumer, industrial, and services industries. Chicago-headquartered Frontenac was founded in 1971 and is led by its three managing partners, Walter Florence, Ron Kuehl, and Michael Langdon.
“It is incredibly meaningful to see our firm’s investing approach, team and hard work resonate in the market,” said the three leaders in a released statement. “We are grateful for the enduring support from our existing investors and the confidence they have demonstrated in our team and in our strategy. We are also pleased to welcome a diverse group of high-quality new LPs that serve to deepen our investor base, especially amid challenges in the broader fundraising environment.”
Advisors for the fund’s formation and placement included Harris Williams Private Capital Advisory, which was the formation and placement advisor to Frontenac, and Kirkland & Ellis, which provided legal services.
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