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Blue Point raises $425 mln for third fund

Blue Point Capital Partners has closed its third buyout fund at the hard cap of $425 million, beating its $400 million target.

Blue Point Capital Partners III will invest in lower middle-market firms. So far, Blue Point has made investments for undisclosed amounts in Ortholite, a shoe components provider and Hilco Vision, a maker of eyewear and eye care accessories, from the fund.

To date, Blue Point has raised more than $1.2 billion across three funds. Its previous fund Blue Point Capital Partners II closed on $401 million in 2006, generating a net IRR of 13.63 percent and an average net multiple of 1.61x, as of March 31, 2014, according to data provider Bison.

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