AE Industrial Partners is close to reaching final close on its debut midmarket fund, market sources told Private Equity International. The fund is targeting $700 million, according to a Securities and Exchange Commission filing.
The fund plans to make up to 12 buyout investments of $25 million to $100 million in conservatively-capitalised North American midmarket companies with $50 million to $500 million in annual revenue. It is seeking to invest 50 percent of its capital in aerospace and 25 percent each in industrial and power opportunities, according to a marketing fact sheet.
One source familiar with the capital raising said an initial close was held in June.
In July, AE Industrial closed its acquisition of Ohio engineering services and technical staffing company Belcan for undisclosed terms.
AE Industrial, a firm established in 1998, has tapped placement agent Eaton Partners to assist with raising capital for the fund. It has a strategic partnership with fund managers at the Carlyle Group's Equity Opportunity Fund for sourcing transactions.
AE Industrial and Eaton Partners both declined to comment on the fundraising.