Charlesbank Capital Partners has completed fundraising for its latest flagship private equity fund, Charlesbank Equity Fund X LP, reaching the hard cap of $3.75 billion less than six months after launch. Concurrently, the firm closed on an $800 million companion vehicle, Charlesbank Equity Fund X Overage Fund, which will enable Fund X to include investments requiring larger amounts of capital. Charlesbank’s previous flagship fund, Fund IX, closed on total commitments of $3 billion in 2017.
“While the market landscape is dynamic and ever-changing, we believe the ingredients for generating strong returns remain largely the same: rigorous discipline rooted in fundamentals, a consistent team united by a deeply ingrained culture of collaboration, and an agile and forward-thinking model driven by deep pattern recognition in our target sectors,” said Michael Choe,
CEO and managing director.
Founded in 1998, Charlesbank is a private investment firm with offices in Boston and New York. Led by a long-standing senior team, the firm will continue its established investment strategy of partnering with talented management to acquire and grow businesses. Charlesbank’s flagship team has invested $7.3 billion in 71 companies over 22 years. The new fund will maintain the firm’s focus on investments across five core sectors: business services, consumer, healthcare, industrial and technology. Fund X will target investments in middle-market companies with enterprise values ranging from $150 million to $3 billion, with the flexibility to deploy up to $500 million per transaction.
Charlesbank recently bought stakes in MB2 Dental and Clarion Brands LLC.
Goodwin Procter LLP served as outside fund counsel on Fund X.