Lariat Partners closes first fund at USD118m
Private equity firm Lariat Partners has held the final closing on Lariat Partners Fund I at USD118 million.
The firm has closed three of an anticipated five Fund I platform companies since November 2013, including its most recent deal in March: the USD100 million acquisition of Newpark Environmental Services through a newly formed entity called ecoserv.
With its uncommon “hybrid” fund approach (only five anticipated platform investments instead of the typical 10 to 12 platforms), Lariat Partners is able to acquire considerably larger deals than its fund size would indicate. Lariat is targeting platform investments with EBITDA of USD2 million to USD20 million.
“First time funds are difficult to raise, especially during a challenging economy,” says Jay Coughlon, managing partner of Lariat Partners. “Our unique hybrid structure allowed us to rapidly raise Fund I in nine months and close our first three platforms very quickly.”
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