Kinderhook raises $750m for Fund V

The New York-based firm has held a final close on its fifth fund, hitting its hard-cap in only two months.

Kinderhook Industries ' fifth fund, Kinderhook Capital Fund V, held a final close on $750 million, according to a statement from the firm.

This is the first and final close for Fund V, which launched on 8 April, according to a source familiar with the matter.

The money was raised through several vehicles. Fund V held a close on $452.05 million, while a parallel fund, Kinderhook Capital Fund V-B, held a close on $296.45 million, totaling $748.5 million, according to two separate filings with the Securities and Exchange Commission from 7 June. A final $1.5 million portion represents the GP commitment, according to the source.  

The mid-market buyout fund, which invests in diversified sectors, had a combined $650 million target. Investors include undisclosed domestic endowments, foundations, family offices, pensions, operating partners and other institutional investors, according to the statement. The firm declined to comment.

Its predecessor, Kinderhook Capital Fund IV, closed on its $500 million hard-cap in 2014. The fund had a target of $400 million.

Kinderhook Capital Fund III, held a close on target at $300 million in 2010. Limited partners for Fund III include Arizona State Retirement System, Constitution Capital Partners, Ethics and Excellence in Journalism Foundation, Montana Board of Investments, and the Inasmuch Foundation.

The firm's current portfolio includes, environmental and industrial services provider Allstate Power Vac , health maintenance organization GlobalHealth and fashion accessories company American Accessories . Kinderhook focuses on investments in business services, environmental services, healthcare, light manufacturing, as well as other investments in the consumer and restaurant business.

New York-based Kinderhook Industries was founded in 2003 and has $1.25 billion assets under management. The firm focuses on buyout strategies where it acquires firms directly and via its fund vehicles, according to PEI Research and Analytics. The firm is led by Thomas Tuttle, Robert Michalik, Christian Michalik, Corwynne Carruthers and Paul Cifelli.

Kirkland & Ellis served as legal counsel for Kinderhook Capital Fund V. UBS Securities acted as an adviser.