Halifax closes $650MM private equity fund to back business services
The Halifax Group has raised its fourth private equity fund with approximately $650 million in capital commitments. The firm completed fundraising for Halifax Capital Partners IV L.P. earlier in 2017.
The new fund will continue the firm's strategy of investing alongside managers of growing companies in multiple sectors, including: business services, franchising, infrastructure services, and health and wellness services across the U.S. and Canada. Fund IV received investments form public and private pension funds, endowments, foundations, funds of funds, family offices and insurance companies. Nearly 90 percent of the investors in Fund IV were previous investors, with approximately 75 percent of investors increasing the size of the contributions.
“With this fund, we responded to interest from existing investors, obviating the need to market the fund more broadly,” states Halifax founder David Dupree. “We have shared a long-term relationship with our base of returning limited partners, in some cases over 18 years. In addition, we welcomed one new investor along with an investment team we know from past collaboration.”
Halifax is a private equity firm with offices in Washington, D.C., Dallas and Raleigh, North Carolina. The firm backs lower middle-market businesses with enterprise values between $50 million and $250 million. Halifax has not begun investing funds from Fund IV. The new funds predecessor, Halifax Capital Partners III L.P., was raised in November 2012 with $393 million in capital commitments.
Recent middle-market fund raises include: Lexington Partners’ fourth middle-market fund; New Mountain Capital LLC's fifth private equity fund; Private Advisors’ raising the firm’s seventh small business private equity fund; Saw Mill Capital’s closing of a new investment fund with $340 million in commitments.