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Huron Capital sprints to close fourth fund on $500m hard cap

15 Jan 2013

Lower mid-market private equity firm Huron Capital Partners has held a rapid final close for its fourth buyout fund on its $500m hard cap.

The Canada-based firm took just four months to gather the capital for The Huron Fund IV, which exceeded its initial $400m target.

Huron said it received commitments from pension funds, insurance companies, endowment, foundations and fund of fund vehicles, as well as family offices.

Although it did not reveal the names of contributors, the Regents of the University of Michigan approved a $15m commitment to the fund in December 2012.

Huron said it would continue to focus on operational improvement and buy-and-build opportunities through its latest vehicle, which succeeds the $350m third fund it raised in 2008.

The firm aims to invest between $10m and $70m in companies with revenues of up to $200m.

Huron’s latest fundraise takes its committed equity to more than $1.1bn across four private equity funds.

It has made 61 investments in North American companies since it was founded in 1999, with aggregate revenues of more than $1bn.

Last September the firm recapitalised coffee and tea supplier Ronnoco Holdings in partnership with the company’s management team.

Huron partner John Higgins said the firm made the investment with a plan to continue growing the business through geographic expansion, new product offerings and acquisitions.

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