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Charlesbank Capital Partners Closes Fund VII at $1.5 Billion
| Source: Charlesbank Capital Partners
BOSTON, MA--(Marketwire - September 9, 2009) - Charlesbank Capital Partners is pleased to
announce the formation of Charlesbank Equity Fund VII, with $1.5 billion of
commitments. The firm began marketing Fund VII in April with a target of
$1.25 billion, reaching its cap of $1.5 billion in August. The fund's
limited partners include most investors in Charlesbank's prior fund, as
well as a broad range of new participants, including leading endowments and
foundations, public retirement plans, corporate pension funds and funds of
funds. Charlesbank's sixth fund closed in 2005, with nearly $1 billion of
capital.
Founded in 1998, Charlesbank focuses on middle-market, management-led
buyouts and growth capital financings, with the goal of delivering
attractive returns with carefully controlled risk. With typical investments
of $50 million to $100 million per transaction, Charlesbank expects to
commit the capital of Fund VII over the next five years. The principals
will continue to target portfolio companies with enterprise values of
between $100 million and $750 million across a range of sectors.
Charlesbank's current portfolio spans industries such as business and
information services, financial services, manufacturing and distribution,
energy services, food and consumer products, and media and communications.
"We were gratified by the strong interest in this fund and especially
pleased with the trust and support of our longstanding limited partners,"
said Michael Eisenson, Managing Director at Charlesbank. "We were also
privileged to welcome some very distinguished new investors from North
America, Europe and Asia. With commitments to the fund firmly limited to
$1.5 billion, we will be able to maintain the strategy and focus that have
worked so well for us over the years, taking appropriate advantage of our
deepening investment team and, we hope, continuing to generate consistent
and attractive returns for our investors."
The principals target companies across the United States and Canada,
seeking those with a strong market position based on a sustainable
competitive advantage, proven senior management and excellent prospects for
growth. Putting the new fund to work is a team of 38 people, including 20
investment professionals, led by managing directors Kim Davis, Michael
Eisenson, Tim Palmer, Michael Thonis, Jon Biotti, Michael Choe, Andrew
Janower and Brandon White.
Charlesbank Capital Partners is a private equity firm with more than $2
billion of capital under management. Since 1991, Charlesbank has invested
in the growth of over 50 companies. The firm has offices in Boston and New
York. For more information, visit www.charlesbank.com.