Charlesbank Capital Partners has held the closing of Charlesbank Equity Fund IX at its hard cap of USD2.75 billion in limited partner commitments, concluding a fundraising process that launched in June.
Investors in the fund include leading public and corporate pension funds, endowments, foundations, family offices, sovereign wealth vehicles and financial institutions.
Founded in 1998, Charlesbank is a middle-market private equity firm with offices in Boston and New York. The firm expects to deploy between USD50 million and USD250 million in each Fund IX portfolio investment, and will also make opportunistic credit investments. Additionally, an overage allocation program established simultaneously with commitments from Fund IX investors will allow Charlesbank to commit larger amounts per transaction if needed. The firm will continue its long-established strategy of generalist and opportunistic investing in partnership with strong management teams, with a focus on the following core verticals: consumer, industrial, industrial services and distribution, TMT and business services.
“The in-depth dialogue with our limited partners through the fundraising process always results in enriching perspectives that help make us a better steward of their capital, and we are truly gratified by the strong support we have received,” says Michael Choe, Charlesbank’s CEO. “We are as committed as ever to deliver continued strong results by maintaining the disciplined and fundamentals-focused investment approach that has guided Charlesbank since its inception.”
“We are privileged to have such a world-class group of limited partners, and we are especially grateful for the ongoing support of our returning investors,” says Michael Eisenson, Managing Director and Co-Chairman of Charlesbank. “Many of them have been with us for multiple funds, and their long-term conviction in Charlesbank has been key to our success.”
Over its 19-year history, Charlesbank has invested more than USD4.5 billion in more than 50 middle-market companies. The firm has offices in Boston and New York and a team of 58 people.
