Mason Wells raises $615 mln for fourth Midwest-focused buyout fund

Milwaukee-based Mason Wells closed its fourth buyout fund on $615 million, exceeding its $550 million target. The fundraising effort for Fund IV was launched last summer. Similar to previous funds, the new vehicle will focus on lower middle market companies headquartered in the Midwest.

Mason Wells said it anticipates making between 10 and 14 new platform investments with Fund IV in companies with revenues between $25 million and $300 million and EBITDA of $5 million to $30 million. The firm, which manages approximately $1 billion in assets, will continue to target investments in outsourced business services, consumer packaged goods, engineered products and packaging materials.

Mason Wells raised $525 million for its third fund in 2010 from 91 investors, including institutions and individuals. Fund III generated a 7 percent net internal rate of return and a 1.21x multiple as of June 30, 2015, according to performance information from alternative assets data provider Bison.

Mason Wells was launched in 1998.

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