Blue Sage Capital Closes Fourth Fund Over Cap at $618M

Blue Sage Capital closed its oversubscribed fourth flagship fund, Blue Sage Capital IV, with capital commitments totaling $618M, well above the initial $400M target and the initial hard cap of $500M.

Blue Sage Capital said it limited the size of the fund to ensure its focus on the lower middle market. Its predecessor closed at $300M. The latest fundraising brings the firm's total fundraising since its inception to $1.2B.

Blue Sage LLC, the GP of the fund, led the fundraising, according to a January 29 news release. LPs also participated including college and university endowments, charitable foundations, pension funds, large family offices, insurance companies and entrepreneurs. According to Dakota data, the Montana Board of Investments pledged $60M to the fund.

In line with Blue Sage Capital's strategy, the fund will target businesses involved in environmental solutions, niche manufacturing and specialty services in North America, particularly in Texas, the Southwest and the Midwest. Kirkland and Ellis acted as fund counsel to Blue Sage Capital in the fundraising.

Written By: Dakota

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