Greenbriar Equity Group has held an oversubscribed, above-target, and hard cap close of its sixth fund, Greenbriar Equity Fund VI LP, with total capital commitments of more than $3.4 billion. Fundraising for Fund IV began in the third quarter of 2022 with an original target of $2.75 billion.
Rye, New York-headquartered Greenbriar is an active investor in the supply chain, business services, and advanced manufacturing sectors. Since its founding in 1999, the firm has raised over $10 billion in capital commitments across its six funds. Greenbriar’s earlier fund, Greenbriar Equity Fund V LP, closed in March 2021 with an oversubscribed $1.7 billion of capital.
The new fund is the largest fund raised by Greenbriar and received support from both existing investors as well as from a group of new global limited partners. Of the $2.75 billion in new capital, $225 million was from the principals of Greenbriar (collectively the general partner) and the firm’s network of operating executives.
“All of us at Greenbriar are deeply appreciative of the support we have received from so many of our longtime existing investors, as well as a large number of new investors,” said Noah Roy, a managing partner at Greenbriar. “Particularly during this period of market uncertainty, it is a recognition of the long-term benefits of our consistent and focused strategy, cohesive long-tenured team, collaborative culture, and hands-on approach to value creation with our portfolio companies.”
Fund VI is approximately 20% invested or committed to two companies. In October 2022, Greenbriar acquired a majority equity interest in RANDYS Worldwide from Tailwind Capital. Washington-headquartered RANDYS is a national supplier of branded vehicle drivetrain, undercar, and suspension products including differentials, driveshafts, suspensions, steering, alloy wheels, off-road armor, remanufactured manual transmissions, transfer cases, and axle assemblies. Greenbriar is expected to close on a second Fund VI portfolio company later this month.
“We continue to invest in our people and capabilities as we look forward to Fund VI, and we are excited for the opportunities we see ahead. Our goal remains the same, to be the partner of choice in our core sectors for market-leading companies and management teams looking to accelerate growth,” added Mr. Roy.
Evercore was the placement agent for this fundraise and Kirkland & Ellis provided legal services.
© 2023 Private Equity Professional | February 7, 2023
