CORE Industrial Partners racks up $465m for sophomore fund

CORE Industrial Partners has closed its second fund at $465 million, beating its $400 million target.

CORE Industrial Partners has closed its second fund at $465 million, beating its $400 million target. CORE Industrial Partners Fund II’s limited partners include university endowments, insurance companies, public pensions, corporate pensions, foundations, asset managers, family offices and funds of funds. The fund will focus on acquiring manufacturing, industrial technology, and industrial service businesses. Sixpoint Partners was the placement agent.

PRESS RELEASE

Chicago, IL, February 26, 2021 – CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, today announced the successful final and only close of CORE Industrial Partners Fund II (“Fund II”) with total commitments of $465 million. Fund II was significantly oversubscribed with demand in excess of both the initial target of $400 million and hard cap of $450 million. CORE now manages approximately $700 million of capital commitments.

CORE Industrial Partners Fund II will continue its sector focus in acquiring manufacturing, industrial technology, and industrial service businesses that it believes can benefit from CORE’s deep investment and operating experience coupled with a well-defined operating playbook.

Fund II was raised entirely through virtual efforts in less than four months and includes significant participation from existing limited partners as well as a select and diversified group of new institutional investors. Fund II’s investor base is broadly diversified across North America and around the globe, and comprises many of the world’s leading limited partners, including university endowments, insurance companies, public pensions, corporate pensions, foundations, asset managers, family offices and funds of funds. Commitments to Fund II are more than double those of CORE’s inaugural fund, which closed in February 2019.

“We are incredibly humbled and grateful for the overwhelming support and continued partnership from our existing investors and the enthusiasm from a select group of new limited partners in Fund II,” said John May, Founder and Managing Partner of CORE Industrial Partners. “We are excited to continue our disciplined strategy in Fund II by acquiring industrial businesses where we believe we can accelerate their growth and create long-term value for our investors, business owners and management teams.”

Kirkland & Ellis provided legal counsel to CORE and Sixpoint Partners served as exclusive placement agent for the raising of Fund II.

ABOUT CORE INDUSTRIAL PARTNERS
CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results. For more information, visit www.coreipfund.com.