Coalesce Capital has closed its inaugural fund, Coalesce Capital Fund I LP, with $900 million in total capital. The new fund began fundraising in May 2023 and was oversubscribed and closed above its original target of $750 million.
Limited partners in Fund I include endowments, foundations, healthcare and pension systems, financial institutions and entrepreneurs.
“Coalesce was formed to partner with ambitious entrepreneurs leading human capital- and technology-enabled services businesses. Our goal is to accelerate the growth of these companies by applying our financial capital and collaborative value creation approach,” said Stephanie Geveda, the founder and managing partner of Coalesce. “We are grateful for the support of our Fund I investors on this journey and are working hard to reward their trust as we identify and invest behind the category-leading platforms of tomorrow.”
Fund I has already acquired its first portfolio company with the buy of Examinetics, a Kansas-based provider of mobile occupational health compliance testing services including hearing conservation, respiratory protection, and health screening. The company has a fleet of more than 120 mobile testing units that serves more than 3,000 clients in over 18,000 locations each year.
New York City-headquartered Coalesce Capital invests in North America-headquartered companies that have at least $25 million of revenue and $5 million of EBITDA. Sectors of interest include human capital and technology-enabled service companies. With the close of Fund I, Coalesce now has approximately $1.0 billion in assets under management.
PJT Park Hill was the placement agent to Coalesce Capital on this fundraise and Latham & Watkins provided legal services.
© 2024 Private Equity Professional | February 9, 2024