American Industrial Partners rakes in $3 bln for seventh fund

American Industrial Partners has closed its seventh fund at a hard cap of $3 billion.

American Industrial Partners Capital Fund VII’s limited partners include endowments, insurance companies, fund of funds, family offices, pension plans and sovereign wealth funds. AIP invests in North American industrial companies.

Acalyx Advisors was the placement adviser for Fund VII while Simpson Thacher & Bartlett LLP provided legal counsel.

In September 2015, AIP closed its sixth fund at a hard cap of $1.8 billion. No performance data was available on the fund.

Founded in 1989, AIP manages about $7 billion in assets, according to the firm.