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Aurora exceeds hard cap in $1.2 bln final close

  • Firm: Aurora Capital Group
  • Fund: Aurora Equity Partners V
  • Target: $800 mln; $1 bln hard cap
  • Amount Raised: $1.2 bln
  • Placement Agent: Park Hill Group
  • Legal Adviser: Kirkland & Ellis

Aurora Capital Group raised the largest fund in its history, closing Aurora Equity Partners V on $1.2 billion, beating its $800 million target, sources confirmed for Buyouts.

Fund V, which closed recently, also exceeded its $1 billion hard cap, sources said. Park Hill Group was placement agent.

Aurora, formed in 1991 by Gerald Parsky, assistant secretary of the treasury in the administration of President Gerald Ford, has been in market with the pool since last year.

Aurora targets the middle market in sectors including industrial services and distribution, specialty manufacturing, and software and tech-enabled services.

The fund is led by Partners John Mapes, Josh Klinefelter, Michael Marino and Mark Rosenbaum.

Aurora raised $535 million for Fund IV, which closed in 2011. Fund IV generated a 19.4 percent internal rate of return as of Dec. 31, 2016, according to a person with knowledge of the firm.

Aurora announced a series of exits this year, including the sales of Market Track to Vista Equity Partners, ICS to Centerbridge Partners, and DuBois Chemicals to Jordan Co.

Over the past two years, the firm has made more than 25 add-on investments to its platforms, sources said.

Correction: A prior version of this report incorrectly stated how much Fund IV raised and when it closed. The report has been updated.

Action Item: Check out Aurora’s Form ADV: http://bit.ly/2qjYdYz

The skyline of downtown Los Angeles through a layer of smog is seen in the distance from a rooftop in Hollywood, California, May 31, 2006. U.S. environmental regulators proposed on January 7, 2010 stronger standards on lung and heart disease-causing smog that could cost industry up to $90 billion to implement. REUTERS/Fred Prouser/Files