Nautic Partners, LLC, a Providence, R.I.-based middle-market private equity firm that focuses on investments in the healthcare, industrial products, and outsourced services sectors, closed its ninth fund, at $1.5 billion.
Nautic Partners IX closed on its hard cap due to support from both existing and new institutional investors including global public and private pension plans, endowments, fund of funds, insurers and financial institutions, sovereign wealth funds, and family offices.
Founded as part of Fleet Financial Group in 1986 and spun out in 2000, Nautic is a middle-market private equity firm that focuses on three industries:
– industrial products, and
– outsourced services.
The firm’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. Nautic generally makes equity investments of $25 million or more.
To date, it has completed 134 platform transactions over its 33-year history.
Nautic, which closed its previous fund, Nautic Partners VIII, in 2016 with $900m of committed capital, will continue to be led by an experienced group of private equity professionals, including seven managing directors (Bernard V. Buonanno III, Christopher F. Corey, Christopher J. Crosby, Habib Y. Gorgi, Scott F. Hilinski, Christopher A. Pierce, James A. Beakey, and Allan M. B. Petersen) who have spent an average of over 16 years at Nautic. The firm plans to maintain its current middle market private equity investment strategy within its three core industry verticals.
Kirkland & Ellis LLP advised Nautic in connection with the formation of Nautic IX.