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Evergreen closes second fund on $425m04/08/2008. Source: AltAssets. 
 Seattle, US-based mid-market buy-out firm Evergreen Pacific Partners has closed its second fund, Evergreen Pacific Partners II, on its hard cap of $425m, above its $400m target.
Evergreen took two months to raise this fund, the firm said.
Investors, most of them returning investors, include the Washington State Investment Board, the Public School Employee Retirement System of Pennsylvania, Credit Suisse and The Guardian Life Insurance Company of America.
Evergreen plans to make eight investments from the new fund as well as follow on investments when appropriate, the firm said.
'The close of this fund reflects our investor's confidence in our investment process. We stayed consistent with our stated strategy and focus and our existing investors appreciated this,' said T J McGill, one of three managing partners at Evergreen. 'We will continue to focus on investing in companies in traditional industries based in the West.'
Evergreen invests in traditional buy-outs, management-led buy-outs and growth equity investments involving traditional industry, mid-market companies in the Western US and Canada.
To date, the firm has completed six transactions involving companies in Washington, Arizona and California in the manufacturing, distribution, construction, radio, cable television and consumer industries.
Evergreen closed its first fund, Evergreen Pacific Partners I, in March 2005 on $275m.
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