Charlesbank Capital Partners is pleased to announce the formation of Charlesbank Equity Fund VIII, effective June 30, 2014, with $1.75 billion of commitments. Marketing for the fund began in early April, with a target of $1.5 billion, and Charlesbank reached the $1.75 billion hard cap at the end of June. With most investors returning from the firm’s previous funds, Charlesbank also welcomed a small number of new investors, including several leading endowments and foundations, family offices and pension funds.
Founded in 1998, Charlesbank pursues middle-market and growth capital financings from offices in Boston and New York. The firm typically deploys $50 million to $150 million of equity capital per investment and expects to create 12-15 investments for Fund VIII over the next several years. Charlesbank’s investment team targets portfolio companies with enterprise values generally between $100 million and $750 million, investing across a broad range of industries in partnership with strong operating management. Industries represented in Charlesbank’s current portfolio include industrial products and services, energy, logistics, building products, consumer products and services, telecommunications, healthcare and financial services.
“We are deeply grateful for the continued trust and support of our long-standing limited partners and delighted to welcome a number of new, high-caliber institutions to our investor base,” said Michael Eisenson, Charlesbank Co-Chairman and CEO. “In limiting commitments to Fund VIII to $1.75 billion, we believe that our capital base remains consistent with the strategy and focus that have served us well in the past while also leveraging our deepening investment team.”
“We are truly privileged to have an exceptional group of limited partners,” said Michael Choe, Charlesbank Managing Director and President. “The spirit of partnership and support with which they conducted their due diligence enabled us to complete our fundraising in three months, and we can now return our undivided attention to the important task of protecting and growing their investments in the Charlesbank funds.”
Over its 16-year history, Charlesbank has invested $2.8 billion in 45 middle-market companies. The firm’s team of 45 people includes 25 investment professionals led by Co-Chairmen Kim Davis and Michael Eisenson and fellow Managing Directors Sam Bartlett, Jon Biotti, Ryan Carroll, Michael Choe, Andrew Janower, Josh Klevens and Brandon White.
Goodwin Procter served as outside fund counsel.
For more information on Charlesbank, visit www.charlesbank.com.