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US Castle Harlan closes fourth fund on $1.2bn

24 Sep 2003

US private equity firm Castle Harlan has announced the final close of its fourth fund at almost $1.2bn. The fund is nearly twice the size of the firm's previous fund, which closed on $632m in 1997.

Investors in Castle Harlan IV include pension funds from Oregon, Ohio, Michigan and North Carolina, the endowments of the Massachusetts Institute of Technology and New York Presbyterian Hospital. Funds of funds including HarbourVest Partners and Pantheon Ventures also invested in the fund.

Approximately $500m of committed capital came from new investors with the remainder coming from returning limited partners. The fund will invest in companies with an enterprise value of between $100m and $750m.

Castle Harlan has so far made two acquisitions from the new fund. The firm acquired automotive accessories company Advanced Accessory Systems from JP Morgan Partners in April for $260m. The fund has also participated in affiliate company Australian Mezzanine Partners’ $34.5m reorganisation of United Australia Pacific, making it the largest shareholder in satellite television provider Austar United Communications.

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