Prudential Capital Partners has completed fundraising for Prudential Capital Partners III, L.P. with capital commitments totaling $965m, exceeding its initial fundraising target of $900m.
Investors include state and corporate pension funds, fund-of-funds managers, insurance companies and family offices.
More than 80% of Fund III’s investor group also participated in Prudential Capital Partners II, L.P., which totaled $775m when it closed in 2005.
The firm’s first fund, closed in 2001, raised $619m.
Consistently with the previous vehicles, the new fund will make investments ranging from $10m to $100m to finance acquisitions, management led and sponsored leveraged buyouts, recapitalizations, and growth capital for middle-market companies in traditional industries. The investments will be made over the next three years.
Managing principals of the fund include Jeffrey Dickson, Mark Hoffmeister, Charles King, Allen Weaver and Matthew Chanin.
Prudential Capital Partners is the middle-market mezzanine fund business sponsored by Prudential Capital Group, a private fixed-income investment business of Prudential Financial, Inc. (NYSE: PRU).