Boston-based Charlesbank Capital Partners has closed its sixth buyout fund on $900 million (€730 million).
Marketing for Charlesbank Equity Fund VI began in February, and according to a statement, was heavily oversubscribed by existing investors and a limited number of new participants. Charlesbank’s original target was $800 million.
The firm’s previous fund closed on nearly $600 million in 2001, and was Charlesbank’s first vehicle to include investors besides just Harvard University.
The majority of investors in the new fund are from the US, though Charlesbank also has several Asian and European backers, as well as a Canadian investor, a firm spokesperson said.
Charlesbank’s fund will focus on US and Canadian middle market management-led buyouts and growth capital financings, and will typically invest between $25 million and $75 million per transaction. The firm adheres to a generalist investment strategy—its current portfolio has companies in sectors including financial services, manufacturing and consumer products.
The investment team for Fund VI will be led by managing directors Kim Davis, Michael Eisenson, Andrew Janower, Tim Palmer, Mark Rosen and Michael Thonis.
Most recently in February, Charlesbank sold American Tire Distributors, an after-market tire distribution company, to global private equity firm Investcorp in a transaction reportedly worth approximately $700 million (€548 million), or 8.75 times pro forma EBITDA.
Charlesbank Capital was founded in 1998 as the successor firm to Harvard Private Capital Group. The firm is currently investing its fifth fund, Charlesbank Equity Fund V, which closed on $590 million in 2001. The investment in American Tire came from the firm’s previous fund.
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