New York-based Tenex Capital Management has raised $452 million for a private equity fund that will invest in mid-market companies experiencing significant changes in their markets, operations or capital structure.
The firm exceeded its $400 million fundraising target for the Tenex Capital Partners fund, as well as the fund's $425 million “hard cap,” raising money from public and private sector pension funds, endowments and foundations, family offices, financial institutions and insurance companies.
“We are extremely pleased to have such a prominent and high quality group of limited partners committed to the fund and we are delighted with their support,” said Michael Green, CEO and managing director of Tenex. "The Tenex investment philosophy, coupled with the current state of markets in North America, present a significant opportunity for us to provide capital appreciation to our partners for years to come."
Tenex, founded by Michael Green, Varun Bedi, JP Bretl, Joe Cottone, and Chad Spooner, targets companies with $75 to $300 million in annual revenues in the transportation, industrials, manufacturing, telecommunications, and health and business services sectors.
Atlantic-Pacific Capital served as the placement agent for the fundraising and Debevoise and Plimpton acted as legal counsel.