Canadian private equity firm Ironbridge Equity Partners has closed its second fund on C$154m ($140m), more than half of which came from international LPs.
Ironbridge Equity Partners II was oversubscribed by institutional investors from Canada, the US and the UK and exceeded its $125m target.
The Toronto-headquartered firm targets Canadian lower mid-market businesses in various sectors including manufacturing, distribution, and consumer and business products and services.
Ironbridge managing partner Alan Sellery said, “With over 60 per cent of the capital sourced from outside Canada, we believe this is indicative of the attractiveness of the Canadian market and the quality of the investment opportunities that exist here.”
Back in January AltAssets reported that Ironbridge had held a second close of more than C$90m for the fund after less than six months in the market.
The firm did not publish figures for its first fund’s final close, but revealed in January 2006 it expected to raise C$50m to C$75m after holding a first close above target.
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