Graycliff Partners raises $350m

The New York-based manager closes its fourth buyout fund oversubscribed.

Graycliff Partners announced the final close of Graycliff Private Equity Partners IV on Friday at $350 million, the fund’s hard cap.

The firm’s prior buyout fund, Graycliff Private Equity Partners III, closed in April of 2017. Filings with the SEC show Fund III reached $90.7 million in total commitments, including $50 million from the New York State Common Retirement Fund earmarked for New York State-based business investment.

Graycliff’s buyout funds target lower middle market manufacturing, business services and value-added distribution companies with control investments. The firm also manages a series of credit funds, the latest being Graycliff Mezzanine III, which started investing in 2017.

Investors in the fund include pensions, insurance companies, university endowments, fund-of-funds, family offices and high net worth individuals, Graycliff wrote in a statement.

Credit Suisse Private Fund Group served as placement agent and Weil served as legal counsel.