Mason Wells closes Fund IV on $615m

The fund raising began in the summer with a target of $550m.

Mason Wells has closed Mason Wells Buyout Fund IV on $615 million, above its $550 million target, the firm said.

The fund launched in summer 2015, according to a source familiar with the matter.

Mason Wells Fund IV drew commitments from both returning and new limited partners such as corporate pension plans, foundations and university endowments, family offices, fund of funds and insurance companies, the firm said.

LPs include the School Employees’ Retirement System of Ohio that committed $40 million to the fund, which also committed the same amount to its previous vehicle, according to PEI’s Research & Analytics division.

Its predecessor, Mason Wells Buyout Fund III, closed in May 2010 on $525 million, above its $400 million target, according to PEI Research. Investors in that fund include Arkansas Teacher Retirement System, which committed $40 million, the Employees Retirement System of Texas, which committed $65 million, the West Virginia Investment Management Board, which committed $39 million, and The Chipstone Foundation, according to PEI Research & Analytics.

Mason Wells continues its strategy focused exclusively on control-oriented investments in the lower mid-market companies, usually headquartered in the Midwest and with revenues of between $25 million and $300 million. It is active in the packaging materials, consumer packaged goods, engineered products and services, and outsourced business services sectors.

Forum Capital Partners was the strategic advisor and placement agent to the fund.