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Blue Sea Capital closes Fund III above target at $618m

Blue Sea Capital has successfully closed Blue Sea Capital Fund III LP and Blue Sea Capital Executive Fund III LP with $618m in capital commitments, an increase of 40% over the predecessor fund and above its original target of $600m.

Consistent with the strategy of its predecessor funds, Fund III will focus on partnering with entrepreneurs in the healthcare and industrial end-markets.

Since its founding, Blue Sea has invested in over 100 differentiated and growth-oriented companies, including 19 platforms and 95 add-on acquisitions, while strategically building-out its organisation over the last several years to 30 people, including 20 investment professionals and operating team members.

Fund III benefitted from a strong re-up rate while adding a number of new institutional investors, including insurance companies, funds-of-funds, endowments and foundations, financial institutions, consultants, and multi-family offices. In addition, more than 50 CEOs, founders, and industry executives invested in the fund.

Fund III is already approximately 30% invested across three platform investments, including Flagger Force, a regional provider of short-term traffic control services, Rhino Tool House, a distributor of intelligent fastening solutions, customised material handling solutions and calibration services to original equipment manufacturers in a wide range of end markets, and Hatch Fertility, a fertility services platform that serving all medical and non-medical third-party reproductive services.

Lazard acted as the exclusive placement advisor to Fund III. Kirkland & Ellis LLP served as legal counsel.

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