Centre Partners, a veteran mid-market buyout investor, is seeking $150m for its eighth flagship fund, Centre Capital Investors VIII, with a $200m hard cap, according to board materials for Plymouth County Retirement Association.
As of May, the fund had raised just over $83, acmcording to Form D filings.
Fund VIII is smaller than prior Centre Partners vehicles, including its 2018 predecessor, which raised more than $342m, reflecting ongoing fundraising challenges. However, mid-market opportunities remain attractive to LPs due to favourable valuations and operational upside, and Fund VIII’s initial performance is strong, posting a 2.1x net multiple and 54.8% net IRR as of March.
The fund will target $20m–$50m equity investments in up to a dozen North American lower mid-market companies, typically with $5m–$30m EBITDA, focusing on consumer products and services as well as healthcare sectors. Deal types of interest include carve-outs, growth investments, leveraged build-ups, and take-privates.
Centre Partners, founded in 1986 by LBO pioneer Lester Pollack and now run by his son Bruce Pollack alongside senior partners David Jaffe, Jeff Bartoli, and Michael Schnabel, has invested approximately $2.7bn across 91 platform companies and over 175 add-ons.
Recent deals include the formation of Alerion Advisors, a healthcare consulting platform, and last year’s acquisition of Quick Roofing, a residential and commercial services provider.
