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Keystone Capital closes oversubscribed Fund III at $630m

Lower middle market investment manager Keystone Capital Management (Keystone), has held the first and final closing of its oversubscribed Keystone Fund III (Fund III) after just four months of fundraising at its hard cap of $630m in capital commitments.

Keystone professionals make up the largest single investor in the fund.

Keystone was founded in 1995 and invests primarily in North American businesses across five industry sectors: engineering and technical services; tech-enabled services; commercial services; industrial technology; and food and beverage. Since inception, the manager has made 170 acquisitions across 42 different industry platforms.

Kirkland & Ellis provided legal counsel on the fundraise for Fund III. The fund was raised without a placement agent.

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