Charlesbank Capital Partners has struck its $1.75bn hard cap for its eight fund through a final close after just three months in the market.
The firm hoped to gather $1.5bn for Charlesbank Equity Fund VIII but made quick work of that target thanks to most investors returning from its previous funds, it said.
Charlesbank, which was founded in 1998, targets mid-market and growth capital financings by deploying between $50m and $150m per deal.
Fund VIII is set to make between 12 and 15 investments across a range of industries, Charlesbank said. It has previously invested in areas including energy, consumer products and healthcare.
Co-chairman and CEO Michael Eisenson said, “We are deeply grateful for the continued trust and support of our long-standing limited partners and delighted to welcome a number of new, high-caliber institutions to our investor base.
“In limiting commitments to Fund VIII to $1.75bn, we believe that our capital base remains consistent with the strategy and focus that have served us well in the past while also leveraging our deepening investment team.”
The close comes two months after Charlesbank bought heating, air conditioning and plumbing services business American Residential Services (ARS) from CI Capital Partners.
CI’s co-investor Royal Palm Capital Partners also exited its stake.
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