Boston and San Francisco-based mid-market private equity firm Parthenon Capital Partners has raised a hard cap of $1 billion for its fifth fund, beating its initial target of $850 million. Ropes & Gray LLP served as counsel to PCP Fund V.
SAN FRANCISCO & BOSTON–(BUSINESS WIRE)–Parthenon Capital Partners, a leading middle market private equity firm with offices in Boston and San Francisco, announced today its affiliate, Parthenon Investors V, LP (“PCP Fund V”), held its final closing with $1.0 billion in commitments. PCP Fund V exceeded its initial fund target of $850 million and hit its “hard cap” of $1.0 billion.
“We appreciate the overwhelming support we received from our existing limited partners and are also pleased to bring an outstanding group of new investors into the Parthenon family,” said Brian Golson, managing partner and co-chief executive officer. David Ament, managing partner and co-chief executive officer, added, “We’re pleased that investors recognized our differentiated strategy, significant focus on proactive research, and strong track record. We continue to see fantastic opportunities to build franchise companies in our target sectors and look forward to scaling our firm going forward.”
Ropes & Gray LLP was counsel to PCP Fund V, while Kirkland & Ellis represented Parthenon Capital Partners for all management company documentation.
ABOUT PARTHENON CAPITAL PARTNERS
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapitalpartners.com.