Parthenon Capital has held a first, final, and above-target closing of Parthenon Investors VII LP with more than $4.5 billion in commitments. The new fund had an original target of $3.5 billion.
Parthenon invests in companies with enterprise values of $75 million to $750 million that are active in healthcare services, financial services, and business services. The firm was founded in 1998 and has completed more than 50 platform acquisitions and 200 add-on acquisitions. Parthenon has offices in Boston, San Francisco, and Austin.
“We remain excited by the many opportunities to build franchise companies in our target sectors and look forward to deploying our strategy and enhancing our capabilities as a firm in the coming years,” said Dave Ament, a managing partner and co-chief executive officer at Parthenon.
Last month, Parthenon acquired Titan Wealth Holdings, a London-headquartered financial services firm that provides execution, custody, clearing, and wealth management services to small and medium-sized broker-dealers, traders, intermediaries, family offices, and wealth managers. Existing Titan Wealth investors – Ares Management and Maven Capital Partners – remain invested in Titan Wealth in partnership with Parthenon. The buy of Titan Wealth is Parthenon’s first-ever investment in the United Kingdom.
“We appreciate the swift, significant support we received from existing limited partners and are excited to welcome an outstanding group of new investors to the Parthenon family,” said Brian Golson, a managing partner and co-chief executive officer at Parthenon. “We feel well positioned for the opportunities ahead.”
Parthenon did not use a placement agent in the raising of Fund VII. For legal services, Ropes & Gray advised Fund VII while Kirkland & Ellis advised Parthenon Capital for all management company documentation.
Parthenon’s earlier fund, Parthenon Investors VI LP, closed with more than $2 billion in commitments in December 2019.
© 2023 Private Equity Professional | March 29, 2023
