Pike Street Capital has held a final close of Pike Street Capital Reserve LP (PSCR), a single-asset continuation fund for the firm’s Fund I portfolio company, Impel Company. NorthSands Capital and Painswick Capital served as lead investors for PSCR, with NorthSands contributing $100 million to the transaction.
Impel Company provides fluid management products, systems, and services used in municipal and industrial applications. The company’s products include pumps, integrated packaged systems, and maintenance services for applications in water and wastewater treatment, food and beverage, semiconductors, manufacturing, and other industrial sectors.
Pike Street formed Impel as a platform company in June 2021 and simultaneously acquired PumpTech, a Washington-based pump systems distributor. Future add-on acquisitions include Idaho-based Intermountain Industrial (2022), Utah-based Frost Engineering (2022), South Dakota-based Dakota Pump (2022), New Mexico-based Alpha Southwest (2022), Colorado-based Pipestone Equipment (2022), California-based K&N (2022), Alaska-based Alaska-Roteq (2022), California-based L2 Systems (2023), California-based Rockwell Engineering and Equipment (2023), California-based Don Pedro Pump (2024), and Washington-based Pump Dynamics (2025).
Today, Seattle-headquartered Impel is led by CEO Doug Staab and operates across the Western, Mountain, and Midwestern United States.
“With our partners’ investment and support, we have transformed Impel into a leading provider of fluid management products, engineered systems, service, and solutions, bringing together established leaders and technical capabilities to build a great business with a strong company culture,” said Mr. Staab. “We look forward to ongoing success together as we add new founder partners to the team and expand into new markets, capabilities, and geographies.”
The closing of PSCR provides liquidity options for existing investors while allowing for continued ownership in the company and funding for its future organic and add-on acquisition growth.
“We are thrilled to complete the fundraise of ‘Pike Street Capital Reserve’ in this single-asset continuation vehicle with Impel and our new limited partners, NorthSands and Painswick,” said Dave Dandel, a partner at Pike Street. “The transaction offered our Fund I investors the opportunity to generate liquidity at an attractive return or participate in the next phase of growth and acquisitions with Impel. In just a few years, Impel has established itself as a comprehensive provider of technical products and services for municipal and industrial fluid management needs, and we see tremendous opportunity for continued growth. The additional capital and longer investment period will enable the outstanding management team to fully execute its growth strategy.”
NorthSands Capital, founded in 2023 and based in New York, invests exclusively in single-asset continuation vehicles. The firm was launched by Bruce McEvoy, a former Senior Managing Director at Blackstone.
Painswick Capital is a New York-based investment firm that partners with private equity sponsors to invest in middle-market companies via single-asset continuation vehicles. The firm was founded by John Garcia in partnership with AEA Investors.
Pike Street makes control equity investments in companies with revenues of $10 million to $100 million and EBITDA of $4 million to $20 million. Sectors of interest include industrial technology, distribution and logistics, business services, and specialty manufacturing. The firm invests across the business-to-business sector with a common theme of investing in companies that serve professional end-user customers. Pike Street was co-founded by Paul Caragher, Dave Dandel, and Ed Whatley, and is headquartered in Seattle.
© 2025 Private Equity Professional | March 25, 2025
New State Capital Partners has closed its fourth fund, New State Capital Partners Fund IV LP, above target with $700 million in capital. The new fund was oversubscribed and raised in less than six months.
“This milestone underscores the trust investors have in our strategy and our platform,” said Mr. Blechman. “We are focused on investing in, and scaling, high-quality, founder-led businesses. We are excited to deploy Fund IV while continuing our disciplined approach to value creation.”
ONE Bow River has closed its inaugural private equity fund, ONE Bow River National Defense Fund I LP (Fund I), with $500 million in committed capital.
“In one of the most challenging fundraising environments in recent memory, we are thrilled with the overwhelming support we’ve received from investors on our first national defense fund,” said Mr. O’Neil. “This milestone underscores the confidence in our team and the appeal of this particular strategy at this time in U.S. history.”
“We are honored to be part of the SBICCT Initiative’s first cohort and intend to make a positive impact on the DoD’s CTAs effort,” said Mr. Joanis. “We look forward to working collaboratively with the Department of Defense and the Small Business Administration to identify solutions that keep the U.S. and our warfighters safe.”
Benford Capital Partners has held a first, final, above-target, and oversubscribed closing of its third investment fund, Benford Capital Partners III LP, with capital commitments of $365 million.
“We are extremely grateful for the consistent support of our existing limited partners and the overwhelming interest from new investors, despite a challenging fundraising environment,” said Edward Benford, a managing director at Benford Capital. “All of our Fund II institutional investors committed to Fund III, which we believe is a testament to the success of our operationally-oriented strategy, the dedication of the BCP team, and consistent results. We look forward to executing on the same, proven value-creation playbooks in Fund III and continuing to focus on scaling family and founder-owned companies into market-leading platforms.”
“Pasture Brands is a great example of BCP’s approach to scaling CPG brands,” said Ben Riefe, a managing director at Benford Capital. “Since partnering with President Ryan Miller in December 2021, the key tenets of our value creation plan included building the senior management team and growing the company’s branded sales through new customer wins. We are thrilled with this successful realization and are confident the company is well-positioned for continued success in the years ahead.”
Pamlico Capital has held an above target, hard cap, an oversubscribed final close of Pamlico Capital VI LP (PC VI) with $1.75 billion of capital.
“We are incredibly grateful for the trust and confidence of our limited partners, both long-standing and new, who share our belief in the value of partnership, transparency and consistency,” said Art Roselle, a partner at Pamlico. “The success of PC VI is a testament to the strength of our strategy, the caliber of our portfolio company management teams, and our firm’s commitment to driving lasting value.”
“We are especially pleased with the speed to close and successful outcome for PC VI in what remains a challenging fundraising environment,” said Stuart Christhilf, a partner and COO at Pamlico Capital. “We saw strong support from so many of our long-standing investors who continue to represent the large majority of our capital base, while also broadening our geographic reach and partnering with a number of new, highly respected investors.”
LoneTree Capital has held a final close of its first growth equity fund, LoneTree I LP, with $200 million in capital.
“Flexible capital paired with LoneTree’s intensive, active support around go-to-market execution and talent management is a clear differentiator in the lower-middle market,” said Mr. Koven. “This approach has already created value for the companies we have backed, and we are pleased it has been so well received by a wide range of investors.”
Longshore Capital Partners has held the final closing of Longshore Capital Partners Fund II at its hard cap of $325 million in capital. The firm’s new fund was oversubscribed, closing above its initial target of $275 million.
Blue Sage Capital has held a final closing of its fourth fund, Blue Sage Capital IV LP (Fund IV), with $618 million of capital. The new fund closed above its original $400 million target and its original hard cap of $550 million.
“We are humbled by the consistent support of our limited partners and look forward to continuing to generate strong returns for them and their stakeholders who are investing their capital alongside ours,” said Peter Huff, the founder and managing partner of Blue Sage. “We maintain a deep sense of responsibility to our limited partners who have placed their trust in our team. We are grateful for their partnership and look forward to continuing to build truly exceptional portfolio companies by collaborating with outstanding management teams.”
“The demand for Ascent II highlights our ongoing strategy to partner with growing middle-market companies,” said Jack Glover, the managing partner of Incline. “We exceeded our fundraising goal due in large part to the support from our investor base and want to thank them for their confidence in our approach. We remain committed to driving value for our investors, companies, and employees.”
