Frontenac Caps Sale of Oversubscribed 13th Fund at $900M

Frontenac closed its 13th fund, Frontenac XIII Private Capital, at its $900M hard cap following an oversubscribed fundraise against an initial target of $700M.

The Chicago-based private equity firm attributed the higher-than-intended fundraising to strong support from its existing investors and new limited partners, which include endowments and foundations, pension funds, sovereign wealth funds, asset managers, consultants, and family offices both in the US and abroad. The fund's predecessor, Frontenac XII, closed in 2022 with $520M raised.

In line with the firm's strategy, the 13th fund will target lower-middle-market companies in the consumer, industrial and services industries. As noted in an earlier Dakota report, the fund will invest in companies with EBITDA in the $5M to $25M range, allocating between $25M and $75M for each transaction.

Frontenac tapped Harris Williams Private Capital Advisory to be its advisor in the fundraising and Kirkland & Ellis as its legal counsel.

Written By: Dakota

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