The Detroit-based Huron Capital Partners
has closed its private equity fund $50 million over its target goal and three months after marketing efforts began. New York's Sixpoint Partners, which served as the exclusive global placement agent for The Huron Fund V L.P., closed the fund with $550 million in total limited partner capital commitments.
A combination of endowments, foundations, multi-manager funds, public pensions, corporate pensions, and family offices have committed to The Huron Fund V L.P.
"We deeply value the tremendous confidence and broad support that our new and existing investors have placed with our experienced investment team and remain focused on delivering strong returns to our LP base," says Brian Demkowicz, Managing Partner at Huron. "We look forward to deploying our buy-and-build strategy in partnership with seasoned executives to improve and grow our businesses through strategic initiatives, operational improvements and add-on acquisitions."
Huron acquires middle market companies and increases value through ExecFactor, its proprietary buy-and-build investment model. ExecFactor incorporates equity recapitalizations, market-entry strategies, family succession transactions, and other strategies to run its model.
With its $550 million fund, Huron will focus on companies in the lower middle market, aiming at between $20 million and $70 million per transaction.
Huron prioritizes the business services, consumer products and services, and specialty manufacturing sectors. Its portfolio includes such companies as Drake Automotive Group, XLerate Group, and the Dundee, Mich.-based Spring & Sprout, a dental support organization.
"With over $1 billion of demand for Fund V, we believe Huron's 16-year track record drove robust demand from investors for its disciplined investment process and proven strategy," says Eric Zoller, Partner at SixpointPartners.
Huron Capital Partners is located in the Guardian Building in downtown Detroit.
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