Charlesbank racks up $2.75 bln for ninth fund

Boston and New York-based Charlesbank Capital Partners, a middle-market private equity firm, has closed its ninth fund at a hard cap of $2.75 billion.

Charlesbank Equity Fund IX’s limited partners include public and corporate pension funds, endowments, foundations, family offices, sovereign wealth vehicles and financial institutions.

The firm expects to makes individual investments between $50 million and $250 million from Fund IX, focusing on sectors that include consumer, industrial services, TMT and business services.

Goodwin Procter served as outside fund counsel.

In July 2014, Charlesbank closed its eighth fund at a hard cap of $1.75 billion, generating a net IRR of eight percent and an ROI of 1.2x, as of March 31, 2017, according to a source at Charlesbank.

According to the firm, it has invested more than $4.5 billion in mid-market companies since its inception in 1998.

Correction: An earlier version of this news report misstated the performance data of Charlesbank’s eighth fund. The information has since been corrected. 

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