Prospect Hill Growth Partners has closed its second fund at $380 million, beating its $300 million target. Investors in the Prospect Hill Growth Fund II LP include public and corporate pension funds, insurance companies, financial institutions and family offices. Proskauer Rose LLP served as fund counsel while Asante Capital Group LLC was global fundraising adviser.
WALTHAM, Mass.–(BUSINESS WIRE)–Prospect Hill Growth Partners (“Prospect Hill”) announced the closing of Prospect Hill Growth Fund II, L.P. (“PHG II”) with total commitments of $380 million exceeding the $300 million target and the prior Prospect Hill fund. Investors committed to Prospect Hill’s new fund include public and corporate pension funds, insurance companies, financial institutions and family offices, and are represented across major global investor markets with 54% from the U.S., 31% from Canada, and 15% from Europe.
PHG II expects to make control equity investments of between $25 million and $100 million in North-American consumer and healthcare growth companies. Prospect Hill has deep expertise in these verticals and seeks to partner with founders and management teams by providing guidance for ambitious expansion strategies.
PHG II has already invested in three platform companies: Honors Holdings, the leading franchisee of Orangetheory fitness studios; Urology Management Associates, the largest single-specialty urology group in the U.S.; and Walker Edison, a supplier of innovative home furnishings at affordable prices to the leading global e-commerce marketplaces.
“We are grateful for the longstanding trust and support of our limited partners and excited to welcome our new LPs,” said Adam Suttin, Managing Partner. “We will continue to focus our investment activity in our core areas of expertise and execute on our operationally focused value creation strategy.”
Prospect Hill Growth Partners is a Boston-area private equity firm that makes control equity investments in North American consumer and healthcare growth companies. The partners at Prospect Hill have collectively invested $2.7 billion of capital in 35 portfolio companies over two decades. The partners successful investment track record has been built on their sector-focused investment strategy and expertise, a robust operational value-add model, and strong alignment of interests. Please see www.prospecthillgrowth.com for more information.
Proskauer Rose LLP served as fund counsel and Asante Capital Group LLC acted as global fundraising advisor.