AE Industrial Partners raises $1.36bn

The Florida-based private equity firm closes sophomore fund $360 million above target.

AE Industrial Partners has held a final close of its second fund at $1.36 billion, surpassing its target of $1 billion to reach its hard-cap. AE Industrial Partners II will make control investments in technical manufacturing, distribution and supply chain management, MRO, and industrial services businesses.

The oversubscribed fund received support from investors including the New Mexico Educational Retirement Board, the City of Baltimore Fire & Police Retirement System and the Los Angeles County Employees’ Retirement Association.

AE Industrial Partners I, which also exceeded its $600m target, closed in April 2016 at $680 million.

Eaton Partners served as the placement agent for the firm’s latest fund and Kirkland & Ellis provided legal counsel.