Resilience Capital Partners LLC, a Cleveland-based buyout shop, has raised at least $132.25 million for its third fund, according to a recent regulatory filing. The firm expects to close on another $30 million by June 25, a source close to the fundraising effort told Buyouts.
The target for the fund, Resilience Fund III LP, is $200 million, with a hard cap of $250 million. Griffin Financial Group LLC, a boutique investment bank based in King of Prussia, Pa., is helping Resilience raise the fund.
Resilience Capital started raising the fund in October 2010 and its executives are hoping to close the fund by the end of September. Fund III will mark a jump in size for the firm, which raised $55 million for its 2006 fund.
Managing partners Bassem Mansour, a former investment banker at McDonald Investments, and Steven Rosen, a former investment banker at Merrill Lynch & Co., founded Resilience Capital in 2001. The firm has a total of eight investment professionals as well as four operating partners.
Resilience targets struggling companies, corporate divestitures and what it calls “orphan public companies,” according to the firm’s website. It prefers to buy companies based in North America that generate $25 million to $250 million in revenue and EBITDA of less than $20 million.
Read more about the firm here.