Frontenac returns 50% of Fund X capital despite only just closing $250m vehicle


chicago sears towerChicago-based private investment firm Frontenac has made a fast start with its tenth private equity fund having already returned 50 per cent of the capital despite only just holding a final close.

The firm has raised $250m for the fund, which has completed two investments and returned the money through dividend recapitalisations.

Those investments are in Portfolio General Management Group, which provides outsourced financial services to car dealerships, and industrial pump and power transmission business Ohio Transmission Corp.

Frontenac focuses on lower mid-market buyout deals in the business services, industrial, food and healthcare sectors.

Managing partner Paul Carbery said, “We appreciate the support we received from our existing family and institutional limited partners, and are also pleased with the relationships we have developed with an outstanding group of new investors who support our well-defined investment approach and our focus on growth and operational enhancements.

“We added several new large institutions and family offices to our investor group.”

Copyright © 2014 AltAssets