High Road Capital Partners has raised about $286 million for its Fund II, according to documents filed with the US Securities and Exchange Commission.
Fund II has a $200 million target and $300 million hard-cap. The firm is not using placement agent.
High Road declined to comment.
The New York-based firm has completed two exits from its debut fund, generating a 3.1x return multiple and 49 percent gross IRR from its sale of healthcare services company Accentus last December and a 2.6x return multiple and 31.6 percent gross IRR from its $80 million sale of industrial gear manufacturer Milwaukee Gear Company in February 2012. The firm’s debut fund closed on $153 million in 2009.
High Road has an existing portfolio of nine businesses, including specialty food and beverage company PANOS brands, medical communications and IT business Dowden Health Media and electrical parts and components company All Current Electrical. The firm has completed a total of 11 add-on acquisitions, according to its website.
High Road invests in “fundamentally sound” businesses in North America in a variety of sectors, including manufacturing, services, distribution, healthcare and media. The firm focuses on lower mid-market businesses with revenues of $10 million to $100 million and earnings before interest, tax, depreciation and amortisation of $3 million to $10 million.
High Road was launched in 2007 by Robert Fitzsimmons, a former managing partner at mid-market firm The Riverside Company.