Charlesbank Raises $2.75B in Four Months For Ninth Fund

Oct 24 2017 | 10:28pm ET

Boston-based Charlesbank Capital Partners has raised $2.75 billion in capital commitments for its ninth private equity fund, a hybrid vehicle that will also make opportunistic credit investments. 

The new fund, named Charlesbank Equity Fund IX, closed at its hard cap, the company said. It has only been in the market since June 2017, and attracted support from public and corporate pension funds, endowments, foundations, family offices, sovereign wealth funds and financial institutions. 

Goodwin Procter served as outside fund counsel.

The firm expects to deploy between $50 million and $250 million in each Fund IX portfolio investment, Charlesbank said. Additionally, an overage allocation program established simultaneously with commitments from Fund IX investors will allow Charlesbank to commit larger amounts per transaction if needed. 

Like its predecessors, Fund IX will focus on several core verticals, including consumer, industrial, industrial services and distribution, TMT and business services.

Founded in 1998, Charlesbank is a middle-market private equity firm with offices in Boston and New York. Over its 19-year history, Charlesbank has invested more than $4.5 billion in more than 50 middle-market companies. 

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