Percheron Capital closed Fund III at its $3.1 billion hard cap, lifting assets under management to more than $7.5 billion. The San Francisco, CA-based firm said the fund drew support from existing limited partners and new institutional investors. Fund III follows its earlier vehicles and targets control investments in repair, maintenance and other recurring service businesses across the U.S.
Percheron builds platforms in fragmented essential-services markets and expands them through add-on acquisitions. The firm also deploys an in-house AI engineering team to develop operating tools used by frontline workers.
Its portfolio includes numerous platfom businesses including two that were launched in 2025: ASPYRE Fire & Life Safety, a provider of fire and life safety services, and Solidaire, a provider of commercial HVAC and energy services.
Evercore advised on the raise, with Kirkland & Ellis serving as fund counsel.
