Constitution Capital Raises $775M For Fourth Buyout Fund

Jan 11 2017 | 10:58pm ET

Constitution Capital Partners has raised $775 million in capital commitments for its fourth fund of funds/direct investment hybrid fund and related segregated mandates, easily exceeding its original target of $500 million. 

The new fund, named Ironsides IV, was heavily oversubscribed, the company said in a statement. As with its predecessors, Fund IV will focus on investments in primary funds with $200 million to $1.5 billion in commitments and direct investments with enterprise values between $100 million and $1 billion. 

Commitments to Ironsides IV came from a diverse group of new and existing global investors comprised of leading public pension plans, corporates, Taft Hartley, foundations, endowments, and family offices. Four direct investments and seven fund investments have already been made, the company said in the statement. 

Constitution raised $823 million for its Ironsides III fund in 2015. 

“We are pleased that investors have once again placed their trust in us and are confident this capital will enable us to execute on our disciplined and value-oriented investment strategy in an opportunistic market,” said Daniel Cahill, managing partner of Constitution Capital Partners. “We appreciate the support from our existing and new investors and sincerely thank them for their commitment.”

Ropes & Gray LLP provided legal counsel to Constitution Capital Partners during formation of the fund, the firm added. 

Based in Boston, Constitution Capital Partners makes strategic investments in high quality, North American lower middle market buyout funds and makes direct investments across a variety of sectors in North American lower middle market companies. The firm currently manages approximately $2.7 billion and had invested in 34 partnerships and 36 direct investments as of November 2016.

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