Tailwind Capital closes second fund at $1.05 bln

Tailwind Capital has raised $1.05 billion for its second fund, the mid-market private equity firm announced today.

An earlier SEC Form D filing listed the target as $1 billion.

The limited partners of Fund II include pension funds, insurance companies, endowments and foundations, family offices and high-net worth individuals.

The pool will focus on investing in North American growth-oriented companies in healthcare, business and communications services.

Tailwind generally makes investments between $25 million and over $100 million in companies with enterprise values of up to $300 million.

In 2009, Tailwind said that it had closed its debut fund at around $775 million. That fund was generating an average IRR of 13 percent and an average multiple of 1.69x, as of March 31, 2015, according to performance data provider Bison.

MVision Private Equity Advisers worked as placement agent.

Founded in 2003, Tailwind has invested more than $1 billion in 27 portfolio companies. Among those investments are Aircast, a maker of orthopedic bracing devices; TowerCo, an owner and developer of wireless communications towers; and Long’s Drugs, a specialized pharmacy services provider.

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