The CapStreet Group, a Houston-based lower-middle market private equity firm, has completed its final close for CapStreet III, reaching total commitments of USD178m.
CapStreet III’s investors consist of financial institutions, pension funds, insurance companies, funds of funds, and family investment offices.
“We are very pleased to have the support of such a high quality group of investors, particularly during a challenging fundraising environment,” says George Kelly, CapStreet’s chairman and chief executive.
CapStreet III has already invested approximately 30 per cent of its capital commitments in three platform investments: GHX, a fabricator and distributor of industrial gaskets and hoses; Trinity Steel, a provider of structural steel fabrication services to the industrial and power markets; and Thorpe, which distributes industrial insulation, refractory and acid masonry products and provides related design, engineering, and installation services to the petrochemical, refining, alumina, waste incineration and utility industries.
“These first three investments in Fund III represent a group of outstanding, diverse companies with tremendous potential, but we remain interested in identifying more opportunities for rounding out our portfolio and continuing our focused investment strategy and exceptional investment performance,” says Kelly.
Since inception, CapStreet has completed 30 portfolio company investments and has achieved a 3.0x gross return multiple on all invested capital.
