BBH Capital Partners, the private equity arm of Brown Brothers Harriman & Co., closed its fifth fund with $802 million in commitments, surpassing its $600 million target. BBH Capital Partners V LP included more than $110 million from the General Partner and Affiliates. BBH Capital Partners invests in sectors including healthcare; technology, media & telecommunications; and business products & services. Evercore’s Private Funds Group was the placement agent for Fund V, while Katten Muchin Rosenman LLP provided legal counsel.
NEW YORK, April 21, 2016 – BBH Capital Partners, the private equity arm of Brown Brothers Harriman & Co. (“BBH” or the “Firm”), today announced the final close of BBH Capital Partners V, L.P. (together with affiliates, “CP V” or the “Fund”) with capital commitments totaling $802 million, including more than $110 million from the General Partner and Affiliates. CP V – which was oversubscribed – exceeded its initial capital commitment target of $600 million.
CP V is led by its Co-Managers – Partners Jeffrey Meskin and JP Paquin, and Managing Directors Bradley Langer and Michael Boylan – as well as two additional Principals, Managing Director Ivan Pirzada and Senior Vice President Richard Yeh. The Co-Managers have spent nearly 16 years together on average managing funds with total capital commitments in excess of $2.15 billion. CP V is the successor fund to BBH Capital Partners IV, L.P. (“CP IV”), a $517.5 million fund raised in 2011.
BBH Capital Partners primarily targets investments in growing lower middle market U.S. companies across a broad range of sectors within industries in which the team has specific expertise: (i) Healthcare; (ii); and (iii) Business Products & Services. BBH Capital Partners employs a differentiated, flexible investment approach to make majority and significant minority investments in partnership with outstanding management teams.
“We are grateful for the continued support from our existing investors, many of whom have partnered with us for several funds. Nearly all of our CP IV Limited Partners returned, and those that did increased their commitments to CP V by over 30%,” said Mr. Paquin, Co-Manager of CP V. “We were also fortunate to have attracted a number of high quality Limited Partners to CP V who are partnering with us for the first time – validating our differentiated investment approach and historical performance.”
CP V draws investors from a broad geography with representation in the U.S., Asia, Latin America, the Middle East, and Europe. The Fund includes a diverse mix of insurance companies, public and corporate pension funds, family offices, RIAs, endowments, foundations, and ultra-high-net-worth investors.
“BBH Capital Partners is unique among lower middle market private equity funds because of our affiliation with the larger BBH and our flexible investment approach,” said Mr. Meskin, Co-Manager of CP V. “Owners and operators of businesses look to us as a true partner. Our flexibility enables us to solve their capital needs without any predisposition to a certain structure or transaction type. At the same time, we bring more than just capital to our businesses, whether it is through specific domain expertise, the involvement of our Operational Resources Group, or the relationship and intellectual capital of the broader BBH network.”
“CP V has a deep pipeline of attractive investment opportunities,” Mr. Meskin added. “No matter the market for private equity, BBH Capital Partners will continue to employ our strict investment criteria with discipline to ensure that we maximize returns for our Limited Partners while controlling risk.”
Evercore’s Private Funds Group acted as the exclusive third-party placement agent for CP V in the U.S., Canada, and Europe. Katten Muchin Rosenman LLP provided legal counsel.
About BBH Capital Partners
BBH Capital Partners (“BBHCP”), a private equity strategy of Brown Brothers Harriman & Co., provides friendly capital solutions to growth-oriented middle-market companies. BBH Capital Partners typically invests between $30 million and $100 million per platform investment and has the flexibility to act as a control or non-control investor. BBH Capital Partners’ capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations (including dividend recapitalizations), buy-and-build strategies, and acquisitions.
BBH is a registered service mark of Brown Brothers Harriman & Co. in the United States and other countries.
About Brown Brothers Harriman
BBH is a privately held financial institution that has been a thought leader and solutions provider for nearly 200 years. The Firm serves individuals, families, businesses, and institutions in its three business lines: Private Banking, Investment Management, and Investor Services. In addition to the $26 billion in assets under management (AUM) in Private Banking, BBH Investment Management has $59 billion in AUM, and the Investor Services business has $3.9 trillion in assets under custody . BBH’s culture of accountability fosters deep and lasting relationships built on commitment, adaptability, and trust. The Firm is independent, selective, and specialized by design.
BBH Private Banking’s mission is to be the pre-eminent provider of advice and capital to private business owners and people of substantial wealth to help them create, transition, preserve, and grow their wealth. The Firm serves both corporate and private clients in the following products and services: Private Wealth Management, Corporate Lending, Corporate Advisory, and Private Equity.
BBH operates a global business with 18 locations, including Beijing, Boston, Charlotte, Chicago, Denver, Dublin, Grand Cayman, Hong Kong, Kraków, London, Luxembourg, Nashville, New Jersey, New York, Philadelphia, Tokyo, Wilmington, and Zürich. For more information about BBH, please visit www.bbh.com.
About Evercore Private Funds Group
Evercore is a leading mid-market investment bank providing advisory services to prominent multinational corporations and financial sponsors on significant mergers, acquisitions, divestitures, restructurings, and other strategic corporate transactions. Evercore’s Private Funds Group (“PFG”) provides comprehensive, global advisory services on capital raising for select private fund sponsors. PFG’s clients include general partners pursuing a spectrum of alternative investment strategies including private equity, private debt, infrastructure, and real assets. PFG advises and executes on all aspects of the fundraising process, including competitive positioning and market assessment, preparation of marketing materials, investor introductions, and capital closings.
About Katten Muchin Rosenman LLP
Katten is a full-service law firm with attorneys in locations across the United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for counsel locally, nationally, and internationally. The firm has key areas of emphasis in corporate, financial services, insolvency and restructuring, real estate, commercial finance and structured finance, and securitization. Katten represents public and private companies in numerous industries, including nearly half of the Fortune 100, as well as a number of financial institutions, government, and non-profit organizations and individuals.