SK Capital expands investment range after racing to second fund close of the year

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SK Capital Partners is celebrating its second fund close of the year after racing to its $400m hard cap for its first Catalyst vehicle.

The fund, which was initially targeting $300m, will target control investments in lower-mid market specialty materials, chemicals and pharmaceuticals companies.

SK said the new fund will look to make investments of up to $50m of initial capital, complementing the larger initial investment sizes usually targeted by its flagship funds.

The firm more than doubled its funds under management earlier this year by holding a $2.1bn final close for its fifth flagship vehicle.

Fund V was a huge increase on the $1bn the firm raised for its predecessor fund in 2014.

Fundraising for SK Catalyst I started in July, shortly after SK Capital announced the expansion of its investment team.

It said that expansion has allowed it to devote additional resources to investments SK Catalyst’s target range.

Recent investments from SK include the $775m buyout of PolyOne Corp’s Performance Products and Solutions business last month.

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