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Eureka Growth Capital closes Fund III on $175m hard cap

4 Mar 2014

lightbulb_lrgLower mid-market private equity firm Eureka Growth Capital has held a $175m hard cap final close for its third fund.

AltAssets revealed in December 2013 that the firm had registered $100m for the vehicle, putting it two-thirds of the way to the $150m it was hoping to gather.

The fundraise means Eureka has almost doubled the capital it had under management from its first two vehicles, which pulled in $130m and $85m respectively.

Managing partner Chris Hanssens said, “We are extremely pleased to receive overwhelming support from our existing investors and to welcome several new institutional investors to Fund III.

“Institutional investors are reducing the number of their relationships and making larger commitments to fewer GPs, so we are obviously thrilled that our differentiated strategy and commitment to invest out of a series of smaller vehicles resonates with such a select group of investors.

“We are confident in our ability to identify and partner with uniquely-talented management teams to build growing, niche-market leaders that drive superior returns for our investors.”

Eureka has closed two platform acquisitions in Fund III to date by backing Creative Co-Op and West Academic Publishing.

AltAssets revealed last September that the firm expected to wrap up the fundraise within a year. An earlier report by LBO Wire claimed the fund had a hard cap of $200m.

Eureka invests in businesses with revenues of $10m to $75m.

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