Chicago-based private equity firm Flexpoint Ford has raised $2bn for the final close of its flagship fund and a companion vehicle.
The firm has gathered $1.5bn for Flexpoint Fund IV and a further $500m for Flexpoint Overage Fund IV.
The flagship fund has greatly surpassed its predecessor which closed on $950m in 2015, above its $750m target.
The two funds are set to invest between $50m and $500m per deal in companies in the financial services and healthcare sector.
Flexpoint did make use of a placement agent but enlisted Kirkland & Ellis as legal counsel for the fundraises.
“We are delighted with the success of the fundraising for Fund IV,” said Flexpoint Ford chief executive officer Don Edwards, who noted that about 85 per cent of the new funds’ commitments came from existing investors in what was a “limited fundraising process”.
“We are very fortunate to have the support of many of the leading limited partners in the investment community. We attribute this support to the outstanding investment returns of our prior funds and, importantly, the consistent execution of the Flexpoint strategy.”
Since launching in 2005 the firm has raised more than $4.3bn and invested in over 30 companies.
In September last year the firm backed wheelchair-accessible vehicle maker MobilityWorks.
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