Charlesbank Capital Partners, LLC announced that it has held a final closing on $900 million for Charlesbank Equity Fund VI. The fund, which the firm began marketing in February, was heavily oversubscribed by existing investors and a limited number of new participants, including several prominent endowments and foundations. Charlesbank’s previous fund, closed in 2001, totaled nearly $600 million and was the firm’s first to include investors in addition to Harvard University.
Charlesbank focuses on middle-market management-led buyouts and growth capital financings. The firm will typically invest $25 million to $75 million per transaction, at a pace that will likely see most of the Fund VI capital deployed in three to five years. The principals will continue to target portfolio companies with enterprise values of between $50 million and $750 million, investing primarily in industries where they have experience and in situations where they can partner with strong operating managers. Charlesbank’s current portfolio spans a broad array of sectors, including financial services, manufacturing, agriculture and food service, consumer products, energy, healthcare and business services.
“We are delighted that nearly all of our previous investors chose to continue with us, and are pleased to welcome several very distinguished new investors to Fund VI,” says Michael R. Eisenson, Managing Director at Charlesbank. “We limited capital commitments to $900 million in order to strike the proper balance between maintaining the strategy and focus that have worked so well for us over the years and taking appropriate advantage of our deepening investment team.”
The principals target firms across the United States and Canada, seeking companies with sustainable competitive advantage, talented senior management and excellent prospects for growth. Putting the new fund to work is a team of 14 investment professionals led by managing directors Kim Davis, Michael Eisenson, Andrew Janower, Tim Palmer, Mark Rosen and Michael Thonis.
ABOUT CHARLESBANK CAPITAL PARTNERS
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Visit www.charlesbank.com for more information.