Edgewater Capital Partners has held a final closing of Edgewater Capital Partners IV LP (ECP IV) at its hardcap of $185 million.
Limited partners in the new fund include corporate pension funds, funds of funds, endowments, insurance companies, and other institutional investors based primarily in the United States.
“We are thrilled to have the continued trust and support of our existing limited partners and to have several new investors join our program,” said Chris Childres, the founder and a managing partner of Edgewater. “Similar to our prior fund, we are pleased to have been able to raise ECP IV so quickly and with excess demand.” The firm’s earlier fund closed in September 2014 with $85 million in capital commitments.
Edgewater Capital Partners invests in lower middle-market performance materials businesses. The firm has specific expertise in specialty chemicals, pharmaceuticals, and engineered substances. Platform acquisitions will have revenues from $10 million to $100 million, more than $2 million of EBITDA, and gross margins greater than 20%. The firm was founded in 1998 and is headquartered in Cleveland (www.edgewatercapital.com).
“We greatly appreciate our investors’ support. We will continue the same investment focus with the larger fund, both size and sector. Additionally, we will substantially increase our talented investment and operating team,” said Ryan Meany, managing partner.
Jones Day (www.jonesday.com) provided legal services to Edgewater on this fundraise.
© 2019 Private Equity Professional | February 19, 2019