Carousel Capital has closed its oversubscribed fifth buyout fund at a hard cap of $400 million. The initial target was $300 million. Carousel Capital Partners V’s limited partners include pension funds, endowments, foundations and insurance companies. The fund will focus on acquiring growth-oriented Southeastern, U.S.-based companies in the following sectors: business services, consumer services and healthcare services. Credit Suisse Securities (USA) LLC served as adviser and placement agent.
January 9, 2017 – Charlotte, North Carolina — Carousel Capital (“Carousel”) announced today the closing of its fifth buyout fund, Carousel Capital Partners V, LP (“Fund V”) at its hard cap of $400 million. Carousel completed the raising of Fund V in just over three months and it was more than three times oversubscribed from its initial target of $300 million.
Based in Charlotte, North Carolina, Carousel is led by three Managing Partners: Charles Grigg, Bill Hobbs and Jason Schmidly. With Fund V, Carousel will continue its focus on acquiring non-cyclical, growth oriented companies headquartered in the Southeastern United States within its three targeted sectors: business services; consumer services; and healthcare services.
Carousel received strong support from its existing investors and attracted a diverse group of new institutional investors to the fund including pension funds, endowments, foundations, insurance companies and other established institutional investors. In keeping with Carousel’s tradition of including a select group of Chief Executive Officers of companies across the Southeastern United States as investors, the fund included an offering to this group which was fully subscribed. These CEO investors serve to deepen Carousel’s relationship network throughout the Southeast.
The closing of Fund V corresponds with the firm’s twentieth anniversary which it celebrated at its recent annual meeting with investors along with past and present portfolio company CEOs.
Credit Suisse Securities (USA) LLC acted as exclusive advisor and placement agent for Fund V and Latham & Watkins LLP served as legal counsel.
About Carousel Capital
Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 36 companies primarily in three targeted growth sectors: business services; consumer services; and healthcare services.