Constitution Capital Partners (CCP) has raised $755 million in capital commitments for the private equity firm’s Ironsides IV fund. The fund has completed four direct investments and seven fund investments since initiation.
The new fund, Ironsides IV, will invest in primary funds with up to $1.5 billion in capital commitments and make direct investments with enterprise values between $100 million and $1 billion. The fund received commitments from new and existing investors, including: public pension plans, corporates, Taft Hartley, foundations, endowments and family offices. The new fund has made direct investments in American Global Logistics, Cadence Education, SynteractHCR, and Great Lakes Home Health and Hospice. The fund has also made co-investments in several buyout funds including: NexPhase Capital Fund III, Morgan Stanley’s North Haven Capital Partners VI, Amulet Capital Partners-managed Gridiron Capital Fund III, Wind Point Partners VIII, Avista Partners Fund IV, and L Catterton Partners VIII.
CCP is a Boston-based lower middle-market private equity firm that invests in North American buyout funds and companies across a variety of sectors. Ironsides III, the firm’s preceding fund, raised nearly $823 million in commitments. The firm has made direct investments in businesses including: Armored AutoGroup, Chuze Fitness, Petmate, Video Equipment Rentals, American Global Logistics and Vision Ease. CCP currently manages approximately $2.7 billion in assets.
Private equity firms are coming off the cusp of a great year for raising funds. Recent fund closes include: Jaguar Growth Partners’ $350 million fundraise for the firm’s first real estate fund; Carousel Capital’s $400 million buyout fund; healthcare investment firm CRG closing a $1.25 billion credit fund to focus on the sector; Carlyle’s $2.8 billion credit fund for the energy sector; and Kainos Capital’s closing of a second fund to target consumer goods and food and beverage deals. Ropes & Gray LLP served as legal counsel to CCP during Ironsides IV’s formation.