IOP closes third fund in record-breaking PE fundraising period

Register now

Industrial Opportunity Partners (IOP) raised its third fund, Industrial Opportunity Partners III LP, at $450 million. The private equity firm raised the fund in about three months. IOP recently sold auto filter maker Kuss Filtration.

IOP is an Evanston, Illinois-based middle market PE firm that invests up to $50 million in businesses that have between $30 million and $350 million in revenue. The firm focuses on the construction, automotive and industrial sectors. Earlier in 2017, IOP-backed Monroe Truck Equipment Inc. acquired Towmaster Inc.

Private equity is experiencing the best fundraising climate in years - perhaps ever. PE firms with proven track records are faring especially well, raising funds in record time. In the first half of the year, 224 North America-focused funds closed, raising $133 billion, while globally there have been 412 private equity funds closed, which raised a combined $221.4 billion, surpassing the record $220.8 billion raised in 2008, according to Preqin.

Other middle-market fund raises include: Platte River Equity's closing the firm’s fourth fundraise; Private Advisors’ closing its fourth co-investment program; CVC Capital Partners’ $18 billion fund to target U.S. and European investments; the Riverside Co.’s first minority investment fund in April 2017.

Park Hill Group served as IOP's placement agenet, which received legal advice from Sidley Austin.

For reprint and licensing requests for this article, click here.