Aldrich Capital Partners has held an oversubscribed and hard cap close of Aldrich Capital Partners Fund II LP with $450 million of commitments.
Limited partners in Fund II include new and existing public and corporate pension funds, insurance companies, funds of funds, endowments and foundations, family offices, and asset managers in the United States and Europe.
“We are grateful and appreciative of the strong support from our investors and very pleased with the results of this fundraise,” said Raheel Zia, a managing partner of Aldrich. “With strong support from our existing limited partners and new investors who worked diligently to make commitments through a virtual environment, we not only exceeded our $350 million target but also significantly expanded and diversified our institutional investor base. We sincerely thank our limited partners for their commitments to the fund and for their confidence in Aldrich.”
Aldrich makes control investments in founder-owned businesses that have more than $10 million in revenue and operate in the healthcare IT, financial technology and application software sectors.
Recent investments by the firm include Rhythm Management Group, a Brooklyn-based provider of remote monitoring services for cardiac implants, in June 2021; and ProcessMaker, a North Carolina-based provider of low-code business process management software. Low-code software utilizes a graphical user interface instead of traditional hand-coded computer programming.
“With the successful closing of Fund II, we are excited to be in a position to continue investing in our robust pipeline of founder-run healthcare and software businesses,” said Mirza Baig, a managing partner of Aldrich. “As former operators and entrepreneurs ourselves, we bring company-scaling expertise, access to talent and relationships with potential customers and partners. We help accelerate growth of businesses with our solutions-oriented, hands-on approach, which includes leveraging our portfolio optimization team and operating advisors for functional expertise. Our portfolio companies have experienced accelerated revenue growth as a result of this approach.”
Aldrich used Monument Group as its placement agent for Fund II. “It has been a pleasure to support Aldrich in raising Fund II, which was raised almost entirely virtually due to pandemic restrictions and completed in just four months,” said Ryan Mueller, a partner at Monument Group. “We believe the notable investor interest in Fund II is owed to the firm’s differentiated sourcing, value-added operational approach in its target sectors and history of delivering strong performance results for its investors.”
Aldrich Capital was co-founded in 2014 by Mr. Zia and Mr. Baig and is headquartered near Washington DC in Vienna, Virginia, with an additional office near San Francisco in Los Altos, California. The firm’s first fund, Aldrich Capital Partners Fund I LP, closed in June 2018 with $256 million of capital.
© 2021 Private Equity Professional | September 20, 2021
