Middle-market private equity company Parthenon Capital Partners has closed its fifth buyout fund at its hard cap of $1 billion.
The new fund, named Parthenon Investors V, had an original target of $850 million in capital commitments, according to the company. The company raised $700 million for its fourth fund in early 2012.
“We appreciate the overwhelming support we received from our existing limited partners and are also pleased to bring an outstanding group of new investors into the Parthenon family,” said Brian Golson, managing partner and co-chief executive officer, in a statement.
Based in Boston in San Francisco, Parthenon was founded in 1998 and invests in middle market companies with enterprise values of $35 million to $500 million. The firm focuses on opportunities in three core sectors: financial services, healthcare services and business services, either as recapitalizations or by backing new executives, and has invested in more than 50 platform companies and 200 add-on acquisitions since inception.