Texas P.E. Firm Turnbridge Raises $400M For Maiden Fund

Sep 3 2014 | 9:54am ET

Texas-based private equity firm Turnbridge Capital Partners has closed its first institutional fund with commitments of $400 million.

Fundraising for Turnbridge Capital Partners I exceeded the firm's $350 million target and was completed in about six months.

The fund will continue the firm's strategy of investing in companies providing services and manufactured products in the upstream, midstream and downstream energy sectors.

A number of existing Turnbridge investors have committed capital to the fund.

Founded in 2008, Turnbridge is led by a team of six partners who have decades of experience in the energy industry: J. Kent Sweezey, Todd M. Tomlin, C. Mitchell Cox, David J. Graham, Robert B. Horton and John U. Clarke.

Said Sweezy in a statement:

"We are gratified to become partners in our investing activities with a strong, new group of institutional investors who understand our sectors of focus, our strategy and recognize our success to date in creating value for our investors. Professional relationships among the Turnbridge partners are long-standing, which enhances the strength of the partnership. Moreover, the firm is founded on core principles of integrity and transparency, and we believe that these principles mirror the expectations of our new institutional partners and the priorities of our management team partners."

Eaton Partners  served as placement agent for the fund, while Jones Day served as lead counsel.

With offices in Dallas and Houston, Turnbridge is a private equity firm that invests in middle-market businesses directly or indirectly dependent on energy and energy-related infrastructure spending and generating $25 million to $250 million of revenue.

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