Windjammer closes Fund IV on $726m(2)

The firm has raised roughly $150m more than its predecessor fund, attracting the majority of commitments from existing limited partners.

US mid-market firm Windjammer Capital has closed its Windjammer Senior Equity Fund IV on $726 million.

The firm launched Fund IV in 2011 with a $700 million target and $800 million hard-cap. The majority of commitments came from existing limited partners, according to a statement. LPs in Fund IV include the Minnesota State Board of Investment and the San Francisco Employees' Retirement System, both of which committed to Windjammer’s third fund, a 2006 vintage that closed on $574 million.

Windjammer was unavailable for comment at press time.

Windjammer focuses on making control investments in companies with earnings before interest, tax, depreciation and amortisation between $10 million and $40 million. The firm invests in businesses in the manufacturing, specialty distribution and business services sectors.

Fund IV will make between 10 and 12 investments, committing an average of $70 million per deal. The fund held a first close on $435 million in March 2012.

Windjammer is led by managing principals Costa Littas and Bob Bartholomew. The firm first began investing in 1990 as Pacific Mezzanine Investors, the mezzanine and equity investment arm of insurance company Pacific Life.  Its first two funds, PMI Mezzanine Fund and Windjammer Mezzanine and Equity Fund II, raised $262 million and $370 million, respectively.

Windjammer has completed platform investments in 49 companies during its 22-year history. The firm has offices in Boston and Newport Beach, California.