Harvest Partners has closed its ninth fund, Harvest Partners IX LP, above target with $5.3 billion of capital commitments. The firm’s new fund is 30% larger than the firm’s 2019 and fully invested $4.1 billion eighth fund.
New York City-headquartered Harvest Partners was founded in 1981 and is an active investor in companies with $300 million to $5 billion of enterprise value, $100 million to $3 billion of revenue, and $30 million to $300 million of EBITDA, that are active in the business and industrial services, consumer, industrials, healthcare and software sectors.
“I am immensely proud of the firm, the depth of our team and the outcome of the HP IX capital raise,” said Michael DeFlorio, the CEO of Harvest. “We view the strong investor response to HP IX, our largest fund to-date, as recognition of the success of our strategy. We are grateful to our returning investors for their continued support and the many new investors who joined us in HP IX.”
According to Harvest, HP IX has more than 90 limited partners including pension funds, sovereign wealth funds, insurance companies, asset managers and family offices.
“Harvest has built a reputation as a leader in middle market investing over four decades and multiple market cycles,” said Campbell MacColl, a partner and head of investor relations at Harvest. “We believe we have an exceptionally experienced and cohesive team that is well-positioned to execute on attractive opportunities for HP IX.”
Current HP IX portfolio companies include Power Home Remodeling Group, a Pennsylvania-based direct-to-consumer exterior home remodeling company (September 2022); Hand and Stone Spa Holdings, a Pennsylvania-based franchisor and operator of spas providing massage, skincare, and health and wellness services (June 2022); Convergint Technologies, an Illinois-based provider of security, fire alarm, life safety, audio-visual and building automation services (December 2021); and Fortis Solutions, a Virginia-based provider of pressure sensitive labels, shrink sleeves, and folding cartons (October 2021).
With the closing of HP IX, Harvest and its affiliates have over $20 billion of assets under management.
Davis Polk & Wardwell provided legal service to Harvest on the raising of HP IX.
© 2023 Private Equity Professional | November 14, 2023