Spire Capital Partners has held the final closing of Spire Capital Partners III, a private equity fund with approximately USD333 million in capital commitments.
Spire III's committed capital surpasses its previous fund, Spire Capital Partners II, which was a USD319 million 2007 vintage fund.
Spire III's limited partners consist of existing Spire II investors as well as new investors representing leading pension funds, endowments, fund of funds, family offices, insurance companies, financial institutions and executives from the areas of Spire's investment focus. Spire III's investment focus targets lead and control investments in the business services, information services, media, education/education technology and communications services sectors (BIMEC sectors). Spire targets domestically based platform companies between USD30 million and USD150 million of enterprise value.
Spire seeks to invest in fast growing, profitable companies in these BIMEC sectors. In addition, Spire is focused on partnering and working alongside entrepreneurs, and management teams to grow the platform companies organically and through acquisition. Spire seeks to execute a Buy & Build investment theme for its portfolio companies and has consummated over 90 add-on acquisitions at its underlying portfolio companies in its first two funds. In addition, Spire has an active and successful Executive in Residence program that inserts C-level executives into our portfolio companies as part of the management team or as value-added Board members when a company is seeking a succession plan or to broaden strategic industry relationships.
Spire III is led by Andrew J Armstrong, Jr, Bruce M Hernandez, David K Schaible and Sean C White (Partners), alongside other team members and maintains offices in New York, NY and Philadelphia, PA. The Partners have worked together at Spire for nearly 15 years.
Spire partnered with Aqueduct Capital Group as its primary placement agent for Spire III. Dentons and Ropes & Gray LLP provided legal counsel to Spire Capital during the formation of Spire III.
