Main Post Partners has held a final close of its debut fund, Main Post Growth Capital on $400 million, including commitments from its limited partners, Main Post principals and its executive network, the firm said.
The fund launched with a target of $250 million in 2014, according to PEI’s Research & Analytics division.
Main Post managing partner Sean Honey told Private Equity International that the fund had been in the market for 18 months, and had made three investments leading up to the final close.
The first two deals were with regional fitness chain Chuze and cutting tools manufacturer ARCH Global Precision in August, and the third was with motorcycle company EagleRiders last month, Honey said, adding that he expects the fund to make 10 to 12 investments, two to four deals per year.
M2O Private Fund Advisors served as the placement agent, according to a filing with the US Securities and Exchange Commission.
Main Post invests across the consumer value chain and manufacturing and services sectors, according to the firm’s website. It seeks growth equity investments of between $25 million and over $75 million in businesses with revenues of between $25 million and over $250 million, the website said.
The fund’s investor base includes college endowments, insurance companies, family offices, corporate and state pension funds, fund of funds and high net worth individuals, the firm said.
Main Post Partners was founded in 2014 by partners who came from North American growth capital, consumer-focused firm Weston Presidio, which cancelled its latest fundraising, Weston Presidio VI, twice, according to PEI Research.
Main Post managing partner Jeff Mills told PEI that the decision to spin out was made in late 2013 to not raise another fund.
“We realised we had a really strong team with a great track record and confidence in each other, so we decided to form this new entity,” Mills said. “It was an amicable separation from Weston Presidio.”
Weston Presidio V is a $1 billion vehicle raised in 2005 and drew commitments from LPs such as the California Public Employees’ Retirement System, Carnegie Mellon University, investment firm Citizens Capital, sovereign wealth fund Alaska Permanent Fund, fund of funds Pantheon and asset manager Thomas Weisel Partner, according to PEI Research.