Seaside makes a splash with Fund II close

Seaside Equity Partners has held the final close of its second private equity investment fund, Seaside Equity Partners II, with $325 million in capital commitments, well in excess of its original $225 million target. 

Seaside Equity Partners (Seaside) has held the final close of its second private equity investment fund, Seaside Equity Partners II, with $325 million in capital commitments, well in excess of its original $225 million target. 

The fund attracted significant support from a broad base of limited partners including endowments, foundations, corporate and public pensions, insurance companies, consultants, family offices and individuals.

Like its predecessor, Seaside Equity Partners Fund I, Seaside Fund II will seek to provide capital, resources and strategic support to providers of services that are headquartered in the Western United States. Seaside says it employs a growth-focused and operationally oriented approach toward investing in lower-middle market companies and that Fund II will continue to focus on partnering with founder, family and entrepreneur-owned businesses with strong foundations and opportunities for outsized growth.

With the closing of Seaside Fund II, the firm has raised over $500 million and invested in 26 companies including nine platform companies and 17 add-on acquisitions. Seaside Fund I, a $160 million fund raised in February 2021, will soon be fully deployed, including reserves for growth investments in existing platforms.