Parthenon Capital Partners has held a final closing of its fifth fund, Parthenon Investors V, LP, at the hard cap of $1 billion. The target for Fund V was $850 million.
Parthenon’s earlier fund closed in February 2012 with $700 million in commitments. Fund IV exceeded its initial target of $600 million and also hit its hard cap of $700 million.
“We appreciate the overwhelming support we received from our existing limited partners and are also pleased to bring an outstanding group of new investors into the Parthenon family,” said Brian Golson, managing partner and co-chief executive officer.
Parthenon invests in middle market companies with enterprise values of $35 million to $500 million that are active in financial services, healthcare services and business services. The firm was founded in 1998 and has 20 investment professionals. Parthenon has offices in Boston and San Francisco (www.parthenoncapital.com).
“We’re pleased that investors recognized our differentiated strategy, significant focus on proactive research, and strong track record,” said David Ament, managing partner and co-chief executive officer. “We continue to see fantastic opportunities to build franchise companies in our target sectors and look forward to scaling our firm going forward.”
Ropes & Gray (www.ropesgray.com) was counsel to Fund V, while Kirkland & Ellis (www.kirkland.com) represented Parthenon Capital Partners.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 6-2-16