Madison River Capital (MRC), a private equity firm specialising in lower middle market investments, has closed its first institutional fund – Madison River Capital Fund I – raising over $370m in total capital commitments.
According to a press statement, the fund received strong backing from family offices and institutional investors.
Founded in 2022, MRC emerged from Jefferson River Capital, the family office of former Blackstone President and COO Tony James. Led by David Wittels, who previously spearheaded Jefferson River’s corporate private equity division, MRC is composed of a seasoned team with over a decade of collaboration.
MRC’s Fund I is focused on control buyouts in healthcare services, industrials, and business services. The firm has already made two platform investments: Senior Care Therapy (SCT) – a leading provider of psychology and mental health services for the geriatric population; and JDC Power Systems (JDC) – A specialised electrical systems integrator serving the data centre market.
