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Huron Closes New Fund in 3 Months, Riding PE Fundraising Wave

The Detroit PE firm focuses on lower middle-market companies, like colorful sock maker Sabg

Huron Capital Partners has raised its fifth fund, Huron Fund V LP, which focuses on the lower middle market. Fund V received commitments from endowments, foundations, public and corporate pensions, as well as family offices.

Fund V closed after three months of marketing and is valued at $550 million, which is in excess of its $500 million target. The fund will invest between $20 million to $70 million per transaction in companies valued under $200 million.

Huron, based in Detroit, focuses on the business services, consumer goods and manufacturing sectors. Some of its current investments include: coffee distributor Ronnoco Coffee; automotive parts company Drake Automotive Group; and socks designer Sock and Accessory Brands Global, also known Sabg. The firm has excelled in deal sourcing, winning Gretchen Perkins both Dealmaker of the Year in 2014 and a spot on our Most Influential Women in Mid-Market M&A list. Perkins leads deal origination for the firm.

“We look forward to deploying our buy-and build strategy in partnership with seasoned executives to improve and grow our businesses through strategic initiatives, operational improvements and add-on acquisitions,” says Huron managing partner Brian Demkowicz.

Private equity firms had an eventful year of fundraising in 2016. Recent fund raises include: Kainos Capital’s raising a $895 million credit fund; Jaguar Growth Partners’ $350 million fundraise for the firm’s first real estate fund; the Carlyle’s Group LP (Nasdaq: CG) $2.8 billion credit fund for energy deals; and Carousel Capital’s $400 million buyout fund.

Sixpoint Partners served as Huron’s placement agent.

 

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