Charlesbank Capital Partners, a Boston-based private equity firm, has closed its Charlesbank Equity Fund VII with $1.5bn of commitments.
The firm started marketing the fund in April with a target of $1.25bn, surpassing its target and capping at $1.5bn in August.
The fund’s limited partners include most investors in Charlesbank’s prior fund, as well as a range of new participants.
The firm’s sixth fund closed in 2005 with nearly $1bn of capital.
“We were gratified by the strong interest in this fund and especially pleased with the trust and support of our longstanding limited partners,” said Michael Eisenson, managing director at Charlesbank.
“We were also privileged to welcome some very distinguished new investors from North America, Europe and Asia. With commitments to the fund firmly limited to $1.5bn, we will be able to maintain the strategy and focus that have worked so well for us over the years, taking appropriate advantage of our deepening investment team and, we hope, continuing to generate consistent and attractive returns for our investors.”
Founded in 1998, Charlesbank focuses on middle-market, management-led buy-outs and growth capital financings. It currently reports more than $2bn of capital under management.
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