Charlesbank Capital Partners has closed Charlesbank Equity Fund VIII at its hard cap of $1.75 billion in capital commitments. Marketing for the new fund began in early April, with a target of $1.5 billion, and Charlesbank reached the hard cap at the end of June.
With most investors returning from the firm’s previous funds, Charlesbank also partnered with a small number of new investors, including several endowments and foundations, family offices and pension funds.
“We are deeply grateful for the continued trust and support of our long-standing limited partners and delighted to welcome a number of new, high-caliber institutions to our investor base,” said Michael Eisenson, Charlesbank Co-Chairman and CEO. “In limiting commitments to Fund VIII to $1.75 billion, we believe that our capital base remains consistent with the strategy and focus that have served us well in the past while also leveraging our deepening investment team.”
Charlesbank invests in management-led buyouts and growth capital financings, typically investing from $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm expects to create 12 to 15 investments for Fund VIII over the next several years. Charlesbank invests across a range of sectors but has particular interest in industrial products and services, energy, logistics, building products, consumer products and services, telecommunications, healthcare and financial services.
“We are truly privileged to have an exceptional group of limited partners,” said Michael Choe, Charlesbank Managing Director and President. “The spirit of partnership and support with which they conducted their due diligence enabled us to complete our fundraising in three months, and we can now return our undivided attention to the important task of protecting and growing their investments in the Charlesbank funds.”
Over its 16-year history, Charlesbank has invested $2.8 billion in 45 middle-market companies. The firm’s team of 45 people includes 25 investment professionals led by Co-Chairmen Kim Davis and Michael Eisenson and fellow Managing Directors Sam Bartlett, Jon Biotti, Ryan Carroll, Michael Choe, Andrew Janower, Josh Klevens and Brandon White.
Charlesbank was founded in 1998 and has offices in Boston and New York (www.charlesbank.com).