Gridiron Capital, a Connecticut-based mid-market private equity firm, has kicked off fundraising for its sixth flagship buyout fund, targeting $2.5bn, up from the $2.1bn raised for Fund V in 2023, according to a report by Buyouts Insider.
New Jersey’s Division of Investment has committed $100m to the latest fund, with William Blair & Company acting as placement agent.
Founded in 2005 by Tom Burger and Gene Conese, Gridiron has built its reputation on operational experience and a focus on family- and founder-owned businesses. Burger, also an owner of the NFL’s Buffalo Bills, now leads the firm alongside managing partner Kevin Jackson, with the three principals remaining the main owners.
Fund VI will continue the firm’s mid-market buyout strategy, targeting control investments of $100m or more in North American companies with EBITDA between $15m and $75m, and enterprise values of $150m to $750m. The fund aims to build a portfolio of 12 platform investments across business services, consumer products and services, and industrial growth sectors, applying the firm’s proprietary “Gridiron Playbook” to drive operational performance.
The fund is targeting a 20% net IRR, according to documents filed with New Jersey’s pension fund. Since inception, Gridiron has completed more than 200 platform and add-on deals, with 2025 seeing investments in three platforms, including ABC Legal, acquired from Aquiline Capital Partners, and Greenix, a pest control business. Fund IV exited Erie Home last year through a sale to Leaf Home, backed by Ares Management, realising substantial distributions.
