Alpine Secures More Than $45M For Fund IV

San Francisco-based lower mid-market shop Alpine Investors has closed on $45.2 million worth of commitments so far for its fourth fund, according to a recent regulatory filing.

Alpine Investors IV has a target of $175 million, a healthy step-up from the general partner’s vintage 2006 fund, which closed with a total of $125 million in pledges.

The firm invests in or acquires small to mid-sized U.S.-based companies with annual EBITDA of more than $2 million. Alpine Investors uses its capital to provide full or partial liquidity to entrepreneurs, family members, estates, passive investors or corporate owners. Alpine Investors also considers minority investments for growth. Transaction structures have included majority and minority investments in the form of asset purchases, stock purchases and recapitalizations.

The firm, which has $247 million in capital under management, was founded in 2001 by Graham Weaver, a former vice president of Oak Hill Capital.

Although Alpine Investors prefers to invest in portfolio companies with continuing management, it also has an “Executive in Residence” program, where the firm makes investments in companies with owners and managers seeking to transition out of the business. Alpine Investors has a particular interest in several sectors, including alarm monitoring, ATM operators, consumer products, direct marketing, niche software, specialty retailers and wealth management.

Past backers include the Rockefeller Foundation.