Longshore Capital Partners secured $325M in capital commitments at the final close of its sophomore private equity fund, marking an oversubscription from the initial target of $275M.
The Chicago-based private equity manager closed Longshore Capital Partners Fund II at its hard cap, thanks to commitments from global institutions, including public pension plans, endowments and foundations, fund-of-funds, asset management firms, insurance companies, and family offices. According to Dakota data, the New Mexico State Investment Council pledged $50M to the fund.
Longshore Capital filed for its second flagship fund with the SEC more than a year ago, indicating that the subscription period for the vehicle will not surpass a year. It sought the assistance of Shannon Advisors to market the fund in the US states of Illinois, Texas, Florida, Ohio, Georgia, Alabama, New York and New Jersey. Kirkland & Ellis served as the fund’s legal counsel.
The second fund surpassed its predecessor, which closed at $200M in 2020. It targets control buyouts of lower middle-market tech-focused businesses in North America with EBITDA in the $5M to $15M range. It is particularly interested in companies involved in revenue cycle management, business process outsourcing, loyalty/incentives, and managed services.
