Brockway Moran flies past target

Brockway Moran & Partners hit the cap on its latest fund, raising $700 million (€571 million) for vehicle, which had originally been targeting around $600 million. The new fund, Brockway Moran & Partners III, only held one final close during the barely two-month long fundraising.

Peter Brockway, managing director, Brockway Moran & Partners

While the new fund is roughly 70 percent larger than its $410 million predecessor, the Boca Raton, Florida-based firm made it a point to rein in the vehicle in order to sustain its traditional mid-market focus.

The fund saw nearly all of Brockway Moran’s previous investors return, including such names as the University of Chicago, the Virginia Retirement System, the State of Michigan and HarbourVest Partners, among others.

Peter Brockway, a managing director at the firm, told PEO, “Virtually everybody in [Fund] I is in II, and nearly everybody in II is now in III. We have a very good relationship with our investors, and I think that was reflected in the quickness of the fundraise.”

New limited partners were also brought in, and LPs such as Commonfund Capital, the University of Virginia, AlpInvest Partners and Boeing Co. are among the new faces in the vehicle.

Brockway noted that in approaching first-time investors, the firm strategically tried to bring in more endowments and foundations.

Credit Suisse served as placement agent for the fund.

Brockway Moran’s market focus encompasses manufacturing companies, service providers, distributors and healthcare companies.

The firm’s most recent platform acquisition was the September buyout of GED Integrated Solutions, an Ohio based maker of window and door fabrication equipment. Other recent activity includes the recapitalisation of swimming pool components maker Latham International and an investment in mattress company IBC Group.

Brockway Moran is still currently investing out of its second fund.