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Ironbridge closes Fund II above hard-cap

The Toronto-based firm raised C$154m on a C$90m target.  

Toronto-based Ironbridge Equity Partners has closed its Fund II on C$154 million (€101 million; $140 million), according to a statement. 

Ironbridge raised the fund in roughly nine months, ultimately collecting more than the C$90 million target and C$150 million hard-cap. Limited partners in the fund, which was oversubscribed, approved increasing the fund’s maximum limit. LPs in Fund II include pensions, endowments, fund of funds, insurance companies and banks. Roughly 60 percent of the capital in Fund II comes from non-Canadian investors.

Elm Capital acted as placement agent for Fund II.

Ironbridge has made one investment from the fund to date, acquiring events company Frischkorn Audio-Visual for an undisclosed sum last October.

Ironbridge previously invested on a deal-by-deal basis. The firm focuses on control investments in Canada’s lower mid-market and targets businesses with enterprise values between C$15 million and C$50 million and with earnings before interest, tax, depreciation and amortisation between C$3 million and $8 million. The firm specialises in the manufacturing, distribution, consumer and business services sectors.

Founded in 2005, Ironbridge’s team of seven professionals has invested more than C$90 million in nine transactions.