Private equity firm Mason Wells has held a strong first close on its third buyout fund. According to a regulatory filing, the growth equity firm has closed on $325 million in commitments from 18 investors. A source familiar with the situation said the fund has a target of $400 million with a hard cap of $500 million.
Milwaukee-based Mason Wells heavily premarketed the fund, called Mason Wells Buyout Fund III LP. The firm had been “beating the trees” with word of their third fund for more than a year before “officially” coming to market in October of last year. Mason Wells’ prior vehicle was oversubscribed, with $300 in commitments topping its $250 million target.
Formed in Founded in 1982 as a subsidiary of Marshall & Ilsley Corporation, Mason Wells invests in companies with between $25 million and $250 million in revenues in the engineered products and services, outsourced business services, and specialty packaging and paper industries.
Forum Capital is serving as Mason Well’s placement agent.