Housatonic Raises, Closes Fund Five

Housatonic Partners has closed its fifth fund at target with $325 million in commitments, according to a regulatory filing. The Boston and San Francisco-based private equity firm collected the capital for Housatonic Equity Investors V, L.P. from 85 investors.

The firm entered the market in January with a $250 million target and $325 million hard cap, which it hit after two months in the market. Housatonic’s prior vehicle was a $250 million fund which closed in 2007. Past investors include Morgan Stanley Alternative Investment Partners and Bay Hills Capital, a fund of funds manager based in San Francisco.

Founded in 1994 by Will Thorndike with the support of founding investors Eliot Wadsworth II and Michael C. Jackson, Housatonic (pronounced “hoos” not “house”) Partners does buyouts and recaps of small-to-mid-sized business services, media and communications companies. The firm did ten deals in 2008, earning itself a ranking alongside the buyout heavyweights on Pitchbook Data’s top 50 deal-doing list.

Portfolio companies include Onrad, a Riverside, Calif.-based teleradiology company, OnRamp Access, an Austin, Texas-based data center services company, and HemaSource, a provider of medical consumables to the plasma and whole blood collection industries. Last year the firm teamed up with Sverica International to acquire Oasis Records Management LLC, an Irish record storage company. It was the firm’s fourth investment in this industry.

Housatonic typically invests $5 million to $30 million in its deals, which target the companies with 20% or higher Ebitda margins.

The firm did not respond to requests for comment.

This post has been updated to reflect information from the firm.