Mid-market firm Industrial Growth Partners is expecting to hit its $600 million hardcap before the end of May, a source close to the situation told Private Equity International. The firm has already collected $400 million for the fund, the source said.
Industrial Growth’s third fund was launched in 2006 and closed on $400 million, according to SEC documents. Fund IV is being placed by Park Hill Group.
Industrial Growth invests in manufacturing and manufacturing services companies with revenues between $30 million and $100 million, and is one of the only private equity groups to focus exclusively on the manufacturing sector, according to the firm’s website. In addition to leveraged buyouts, Industrial Growth invests in transactions including management buyouts, corporate divestitures, recapitalizations and management buy-ins.
IGP is led by co-founder Michael Beaumont, who worked in the leveraged buyout finance group of General Electric Capital Corporation and in the energy division of Bank of Montreal from 1983 to 1990.
Based in San-Francisco, Industrial Growth Partners has $825 million in assets under management.