Gridiron Capital garners $850m

Investors in prior funds re-up to Gridiron’s third vehicle.

Gridiron Capital Fund III has held a final close at its hard cap of $850 million. The vehicle acquires controlling interests in niche manufacturing, business service and speciality consumer product businesses in North America.

Los Angeles Fire & Police Pension System and Montana Board of Investments are among the investors committed to the fund, both of which re-upped from the previous vehicle.

The firm’s second fund, Gridiron Capital Fund II, closed at $425 million in August 2012.

Ropes & Gray served as the vehicle’s legal counsel.