Fund significantly exceeded its initial target and reached fully allocated status in under three months
CHARLOTTE, N.C.–(BUSINESS WIRE)–Ridgemont Equity Partners (“Ridgemont” or “the Firm”), a private equity firm focused on buyout and growth investments in leading US-based middle market companies, today announced the final close of Ridgemont Equity Partners V, L.P. (“REP V” or “the Fund”) at its hard cap with $3.975 billion in capital commitments. The Fund was significantly oversubscribed, surpassing its initial target of $2.75 billion. With the close of REP V, the Firm now manages more than $11 billion of capital.
REP V represents the largest and most diversified investor base in Ridgemont’s history, comprising more than 100 leading global institutions including pension funds, sovereign wealth funds, insurance companies, endowments and foundations, and family offices. As with previous Ridgemont funds, the principals of the firm comprise one of the largest investors in REP V with a commitment amount of nearly $250 million. REP V builds on the firm’s 32-year history of investing in tech-enabled service companies and distributors across three core sectors: business services, healthcare, and industrials.
“We are humbled by the extraordinary support we have received for REP V and grateful for the confidence and trust that our existing and new investor partners have placed in us,” said Jack Purcell and John Shimp, Managing Partners at Ridgemont, in a joint statement. “The success of this latest capital raise amidst a challenging fundraising environment further demonstrates the strength of our investment approach and strategy, the quality and cohesion of our team, and the strong alignment of interests we’ve built and sustained with our investors. We look forward to continuing to partner with experienced management teams to build strategically valuable businesses within the US middle market private equity landscape.”
“The combination of cultivating long-term relationships with our investor partners, high discipline around capital deployment pacing and portfolio construction, and our ability to generate meaningful distributions in a market where liquidity has been scarce is what resonated most during this successful fundraise for REP V,” added Laura Fahrney, Partner and Head of Investor Relations.
Established as an independent firm in 2010 following its spin-out from Bank of America, the Firm emphasizes long-term alignment as a core tenet of its investing approach, as evidenced with investors through its substantial GP commitment in all Ridgemont funds, and via significant management team and selling shareholder rollover interest across its portfolio companies. Ridgemont’s deep sector specialization, distinctive Charlotte-based culture rooted in forging strong partnerships, and a repeatable formula for value creation has allowed for strong returns across 70 platform company investments and over 180 add-on acquisitions.
Ridgemont was supported in this fundraise by Evercore Private Funds Group, acting as the exclusive global placement agent, and Kirkland & Ellis, LLP, serving as fund counsel.
About Ridgemont Equity Partners:
Ridgemont Equity Partners is a Charlotte-based middle market private equity firm that has provided buyout and growth capital to industry-leading companies in the business services, healthcare, and industrials sectors for over three decades. The principals of Ridgemont have demonstrated an industry-focused model designed to build distinctive middle market companies. www.ridgemontep.com
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