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Silver Oak Services Partners tops fundraising targets thanks to LP loyalty

8 May 2013

dollar moneyLower mid-market focused private equity firm Silver Oak Services Partners has topped the fundraising target for its second vehicle thanks to strong demand from existing investors.

The Illinois-headquartered firm held a $206m final close for its second fund on April 30, beating its $200m target after less than two years on the road.

The fundraise gained momentum thanks to commitments from existing LPs, a source with knowledge of the situation told AltAssets.

After contributing $80m to the first fund, those LPs came back to invest around $100 in the new vehicle with the balance companies from new investors, the source said.

Silver Oak has already acquired management services outsourcer Directravel and operator of physical therapy clinics Physical Rehabilitation Network via the second fund.

With the new fund, the firm will continue to focus on the business, consumer and healthcare services sectors in the US.

Silver Oak usually invests $10m to $30m in businesses with revenues of $15m to $150m and EBITDA of $4m to $20m.

Forum said the LPs included corporate pension plans, family offices, funds of funds, insurance companies and a sovereign entity and there was “strong support” from both existing and new investors.

Forum Capital’s managing partner Robert Schwabe said, “We are pleased by the market’s reception of Silver Oak’s second fund, which exceeded its target despite a challenging fundraising environment.

“The successful fundraising campaign is directly attributable to the strength and experience of Silver Oak’s team and differentiated investment approach.”

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