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Philly Shop Closes Second Fund At $151.5 Million

Inverness Graham, a lower mid-market firm targeting manufacturing and services companies, is expected to announce Wednesday that it’s finished raising its second fund, with $151.5 million in commitments, Buyouts reports.

The tally for Inverness Graham Investments II LP includes $10 million allocated to a parallel co-investment vehicle, according to a press release the firm provided to Buyouts. The firm, based outside of Philadelphia, closed the fund on Aug. 31. Executives at the firm declined to comment.

Inverness Graham targets high growth, innovative manufacturing and service companies with enterprise values of less than $75 million and EBITDA between $3 million and $10 million. The firm, founded by senior executives of the Graham Group of industrial businesses, has about 10 investment professionals and manages more than $250 million.

The firm raised $125 million for its first fund, Inverness Capital Partners, in 2003. Investors in that fund include Air Products & Chemicals, Camden Partners and Mercantile Bankshares, according to the Dow Jones Directory of Alternative Investment Programs.

To read more about the fund, go here.