Nautic Partners has announced the close of its latest fund, Nautic Partners XI LP (“Fund XI”), with $4.5 billion in limited partner commitments, surpassing its initial target of $3.75 billion.
The fund reached its hard cap and attracted a diverse group of investors, including public and private pension plans, insurers, health systems, fund of funds, family offices, financial institutions, endowments, and foundations across North, Central, and South America, Europe, Asia, and the Middle East.
“We are humbled by and incredibly grateful to all of our limited partners for their support of Nautic,” said Scott Hilinski, a managing director at Nautic. “We believe our success and growth is due to our ability to consistently execute our investment strategy while maintaining our culture. This is made possible by our team and our executive network, but also by our relationships with our limited partners, who have made important contributions to our success throughout the years.”
Fund XI marks the firm’s largest fund to date, continuing the momentum from Nautic Partners X LP, which closed in 2021 with $3.0 billion in commitments.
Nautic used Evercore Private Funds Group as its Fund XI placement agent.
“The substantial demand that Nautic received for Fund XI in this highly competitive fundraising market really speaks to the caliber of their team and to their differentiated investment strategy,” commented Alexander Russ, a senior managing director at Evercore. “We are delighted to have partnered with Nautic on their successful fundraise and congratulate the entire Nautic team on reaching this important milestone in the firm’s history.”
Based in Providence, Rhode Island, Nautic Partners is a middle-market private equity firm that invests in companies within the healthcare, industrial, and outsourced services sectors. Nautic targets majority equity investments ranging from $50 million to $400 million in companies with enterprise values between $100 million and over $1 billion.
Among Nautic’s recent acquisitions is SurfacePrep, a Michigan-based distributor of abrasives, specialty ceramics, and surface treatment equipment including blasting and tumbling media, coated abrasives, chemicals, metallurgical additives, and abrasive equipment replacement parts. Nautic acquired the business in February 2024 from CenterOak Partners.
SurfacePrep’s consumable products are used by more than 15,000 customers – most customers place an order at least once every quarter – in the aerospace, general industrial, automotive, consumer products, medical, oil and gas, and firearms industry. The company’s products are used in a range of applications including additive manufacturing finishing, ball burnishing, parts cleaning, cosmetic finishing, deburring and degreasing, mold and die cleaning, pickling and descaling, polishing, and rust, scale, and contaminant removal.
Kirkland & Ellis provided legal services to Nautic for this fundraise.
© 2024 Private Equity Professional | October 29, 2024
