Capital Partners held a final close on its third institutional buyout fund at a hard cap of $600 million.
Capital Partners Private Equity Income Fund III will continue the firm’s strategy of acquiring small to medium-sized companies in manufacturing, distribution and business services in the United States.
According to the firm’s press release, the fund will finance its acquisitions with little outside debt. Instead, the Norwalk, Connecticut-based firm plans to target primarily equity investments from capital committed by a diverse roster of LPs, including the Texas Municipal Retirement System.
The firm’s predecessor flagship vehicle, Capital Partners Private Equity Income Fund II, raised $360 million in 2012, surpassing an initial target of $250 million.