The partners of Ironwood Capital have successfully completed a USD400 million capital raise for Ironwood Mezzanine Fund IV LP and its affiliated funds (IMF IV), with commitments from over 40 domestic insurance companies, banks and pension funds.
This new fund will enable Ironwood to continue investing both subordinated debt and equity in buyouts, growth investments, full and partial recapitalisations, generational transitions and other transactions in support of business owners and sponsors.
"This was the largest raise in our history and it came together through the combined efforts of our ad hoc internal fund raising team and the support of our extremely loyal core of repeat limited partners, many of whom have been with us since our first fund in 2001. Those investors enabled us to get out of the blocks quickly, build momentum and finish strong," says to Marc Reich, Chairman and Chief Executive Officer.
IMF IV commenced investment activities in May of 2017, and has since invested over UD135 million of its total capital.
"We believe we were able to get off to a strong start due to the extensive network of deal sources we have developed over the 17 years we have focused on the lower middle market throughout the US and across multiple industries. Everyone at Ironwood has specific marketing responsibilities and I believe that effort is reflected in our level of investment activity," says Carolyn Galiette, President and Chief Investment Officer.
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