HKW raises $365m

The US-based private equity firm closes its fifth flagship fund above target.

Hammond, Kennedy, Whitney & Company, Inc. held a final close of its fifth fund, HKW Capital Partners V, at $365 million, above its $350 million target. The fund follows the same strategy as its predecessor and will make investments in small- to mid-sized companies in the United States and Canada.

HKW Capital Partners IV held a final close at $319 million in April 2014.

Fund V will target companies in the Business Services and Health & Wellness sectors. Through the fund, which launched in 2017, HKW has invested in five companies: Certified Tracking Solutions, Fresh Direct Produce, GCR, Indigo Wild and Urban Armor Gear.

Investors in the HKW V fund include the New York State Common Retirement Fund ($20 million) and the Montana Board of Investments ($40 million).

Thomas Capital Group was the placement agent and Kirkland and Ellis LLP was the law firm advising on the fund.