US mid-market firm Capital Partners has closed its Fund II on $360 million, according to a statement.
Capital Partners Private Equity Income Fund II was oversubscribed and surpassed its $250 million target. The firm increased its original $350 million hard-cap to $360 million to accommodate investors’ demand, according to the statement. Champlain Advisors acted as placement agent for the fund.
Fund II will continue Capital Partners’ strategy of investing in North American companies with earnings before interest, taxes, depreciation and amoritisation of between $4 million and $25 million and revenue of between $20 million and $250 million. Sectors of focus include manufacturing, distribution, education and food.
Capital Partners has made two investments from the fund to date, backing high-end custom upholstered furniture manufacturer American Leather and foam and rubber component producer Derby Fabricating Solutions. Additional acquisitions will be financed with a “moderate level of debt and substantial equity”, Capital Partners founder and managing director Brian Fitzgerald said in the statement.
Fund II is more than double the size of Capital Partners’ prior fund, which closed on $141 million in January 2008.
Fund II is led by Fitzgerald and managing directors Mark Allsteadt and Robert Tucker. The firm was founded in 1982 and is based in Greenwich, Connecticut.