Merit Capital Partners has held a final closing of its seventh fund with $550 million of capital commitments.
Fund VII closed at its target and was backed by both long-time limited partners, as well as a number of new investors. The firm’s new fund received commitments from a range of institutional partners including insurance companies, state pension funds, university endowments, fund-of-funds, and family offices.
Fund VII began investing in August 2021 and to date has closed on three investments. In October 2021, Merit acquired its first Fund VII platform when it partnered with Aiglon Capital to acquire Propét Footwear, a Washington-based designer, manufacturer, and distributor of footwear. Propét specializes in hard-to-fit feet across a wide range of sizes and widths. Details on Fund VII’s two other completed transactions have yet to be announced.
An earlier investment closed by Merit, the 16th and last platform for its sixth fund, was the July 2021 buy of The Liberty Group in partnership with Dallas-based Six Pillars Partners. Houston-headquartered Liberty is a specialty temporary staffing and executive search firm focused on the multi-family real estate industry.
In addition to its Fund VII close, Merit has recently announced that Joe Polaneczky has been promoted to managing director, John Darguzas to principal, and Brian Heck to senior associate; and earlier this month, Merit hired Armando Avila, a former professional at Duff & Phelps, as a new associate.
Merit invests mezzanine and equity capital of $15 million to $60 million in companies with at least $4 million of EBITDA and revenue of at least $25 million that are active in the manufacturing, distribution and services industries.
Since its founding in 1993, Chicago-headquartered Merit has now raised and managed $2.8 billion of capital across seven funds and invested in 97 platform companies.
© 2022 Private Equity Professional | January 14, 2022
