Union Capital Associates, based in Greenwich, Conn., has closed Fund IV at $450 million in limited partner commitments, with the vehicle significantly oversubscribed.
The firm will continue its strategy of investing in U.S.-based founder-owned businesses in food manufacturing, niche manufacturing and business services, typically as the first institutional capital. The close positions the firm to pursue a pipeline of lower middle-market opportunities across its core sectors. Fund IV targets companies with defensible niche positions and seeks to professionalize and scale them through data-driven processes and operational enhancements.
Monument Group served as placement agent on the fundraise, having advised the firm on its prior two funds, and Kirkland & Ellis acted as legal counsel.