New York-based CIP Capital has raised approximately $230 million for its Compass Investment Partners Fund, according to regulatory filings. The fund has a $350 million target for early and growth-stage investments in North America.
The fund has been in market since 2013, and is already partially invested. Most recently, CIP acquired OnCourse Learning from the Riverside Company. Riverside saw a 5.4x cash-on-cash return on the exit, for its MicroCap Fund I. The transaction was a winner of PEI's Operational Excellence Awards.
Other CIP investments include CoAdvantage Corporation, business process outsourcing company RevSpring, and driver training company eDriving.
Typical investment size ranges from $25 million to $75 million per transaction for business services companies.
The firm is led by Scott Marden formerly of The McGraw-Hill Companies, and Justin Lipton a former principal at private equity firm DLJMBP.