May River Capital has held a hard cap close of its third fund, May River Capital Fund III LP, with $500 million in limited partner commitments.
Chicago-based May River invests from $20 million to $90 million of equity in companies with EBITDA of $3 million to $15 million and enterprise values of $20 million to $150 million. Sectors of interest include advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value‐added industrial distribution services.
Limited partners in Fund III include endowments and foundations, insurance companies, fund‐of‐funds, family offices, wealth managers, and high‐net‐worth individuals. In addition, May River’s investment team, along with the firm’s operating partner network, made significant capital commitments to Fund III.
“We are thankful for the strong support we have received from such a well‐respected group of investors,” said May River in a released statement. “We look forward to continuing to partner with talented executives and high‐caliber, industrial businesses throughout Fund III and beyond.”
With the closing of Fund III, May River has now raised more than $1.2 billion in capital since its founding in 2012 and has invested in 11 platform companies and completed 17 add‐on acquisitions. Fund III has not yet closed on any new portfolio investments.
May River’s earlier fund closed in December 2019 with $300 million of capital.
M2O Private Fund Advisors was the placement agent for Fund III and Kirkland & Ellis provided legal services.
© 2023 Private Equity Professional | July 13, 2023
