Evanston, Ill.-based private equity firm Industrial Opportunity Partners has held the final close of its second fund, at $275m.
Industrial Opportunity Partners II, L.P., was oversubscribed, exceeding its original target of $250 million, and subscribed by a group of institutional investors, including university endowments, foundations, pension plans, and funds-of-funds.
Fund II, which held the first closing on February 15, 2012, will focus on acquiring and overseeing middle-market manufacturing and value-added distribution businesses, typically with revenues between $30m and $350m.
IOP targets businesses with strong product, customer, and market positions and provides management and operational resources to support sales growth and operational improvements.
Founded in 2005, IOP is led by Senior Managing Director Kenneth M. Tallering, and managing directors Adam R. Gottlieb, Robert M. Vedra. Its first fund, Industrial Opportunity Partners, L.P., was raised in 2006 and 2007, totaling $185m of committed capital, and completing 18 acquisitions including eleven portfolio companies and seven add-ons.
The portfolio companies serve a variety of end markets, including transportation, construction, agriculture, building products, energy, and general industrial.