US buy-out firm Graham Partners will close its second fund, Graham Partners Investments II, within the next few weeks, according to reports. The fund is expected to close on $465m, above its already upwardly revised target of $350m.
Graham Partners is expected to change its strategy slightly and do comparatively fewer co-investments and more larger, independent deals because the fund size allows the firm to spend more money on each transaction.
The debut fund, Graham Partners Investments, was raised in 1999 and closed on $225m. Last year Graham Partners sold its portfolio company Eldorado Stone to Headwaters in a sale that, according to the firm, yielded the firm a 4.4x gross return on equity invested and a gross IRR exceeding 57 per cent.
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