Charlesbank Capital Partners has closed its seventh fund with $1.5 billion in capital commitments. The Boston-based firm focuses on mid-market LBOs, management buyouts and growth equity transactions. It previously raised $1 billion for its sixth fund in 2005.
Charlesbank Capital Partners is pleased to announce the formation of Charlesbank Equity Fund VII, with $1.5 billion of commitments. The firm began marketing Fund VII in April with a target of $1.25 billion, reaching its cap of $1.5 billion in August. The fund’s limited partners include most investors in Charlesbank’s prior fund, as well as a broad range of new participants, including leading endowments and foundations, public retirement plans, corporate pension funds and funds of funds. Charlesbank’s sixth fund closed in 2005, with nearly $1 billion of capital.
Founded in 1998, Charlesbank focuses on middle-market, management-led buyouts and growth capital financings, with the goal of delivering attractive returns with carefully controlled risk. With typical investments of $50 million to $100 million per transaction, Charlesbank expects to commit the capital of Fund VII over the next five years. The principals will continue to target portfolio companies with enterprise values of between
$100 million and $750 million across a range of sectors. Charlesbank’s current portfolio spans industries such as business and information services, financial services,
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manufacturing and distribution, energy services, food and consumer products, and media and communications.
“We were gratified by the strong interest in this fund and especially pleased with the trust and support of our longstanding limited partners,” said Michael Eisenson, Managing Director at Charlesbank. “We were also privileged to welcome some very distinguished new investors from North America, Europe and Asia. With commitments to the fund firmly limited to $1.5 billion, we will be able to maintain the strategy and focus that have worked so well for us over the years, taking appropriate advantage of our deepening investment team and, we hope, continuing to generate consistent and attractive returns for our investors.”
The principals target companies across the United States and Canada, seeking those with a strong market position based on a sustainable competitive advantage, proven senior management and excellent prospects for growth. Putting the new fund to work is a team of 38 people, including 20 investment professionals, led by managing directors Kim Davis, Michael Eisenson, Tim Palmer, Michael Thonis, Jon Biotti, Michael Choe, Andrew Janower and Brandon White.
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Charlesbank Capital Partners is a private equity firm with more than $2 billion of capital under management. Since 1991, Charlesbank has invested in the growth of over 50 companies. The firm has offices in Boston and New York. For more information, visit www.charlesbank.com.