Tonka Bay Equity Partners Closes $150M Investment Fund

Tonka Bay Equity Partners, a Minnetonka, Minnesota-based private equity firm, has closed a new $150m investment fund.

This is Tonka Bay’s third fund since its founding in 1998. General Partners are Cary Musech, Peter Kooman, Steve Soderling, Molly Simmons and Shane Slominski.

The firm raised over $60m of private capital from pension plans, foundations, trusts, commercial banks, college and university endowments, and family offices and plans to leverage the fund to $150m through the Small Business Investment Company (SBIC) program. The size of the fund exceeded the initial target of $125m.

Tonka Bay focuses on acquiring and investing in lower middle market businesses in three broad sectors – highly engineered manufacturing, value-added distribution and business services, with revenues generally between $20 and $50m.



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