Blue Point Capital Partners raises $700m

The Cleveland-based firm reaches hard cap on its fourth buyout vehicle.

Blue Point Capital Partners held a final close on its fourth flagship buyout fund at $700 million.

Blue Point Capital Partners IV, which reached its hard cap after surpassing an initial $600 million target, will continue the firm’s strategy of investing in North American small middle-market companies in the business services, consumer, and manufacturing sectors. This vehicle brings the Cleveland-based firm’s total assets under management to almost $2 billion.

Limited partners in Fund IV include the Pennsylvania Public School Employees’ Retirement System (PSERS), which committed $70 million, and the Houston Firefighters’ Relief and Retirement Fund, which invested $30 million.

Blue Point’s predecessor vehicle, Blue Point Capital Partners III, closed at a $425 million hard cap in 2013.