Insight

Blue Sea Capital racks up $618m for third fund

Fund III's limited partners include insurance companies, funds-of-funds, endowments and foundations, financial institutions, consultants and multi-family offices.

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  • Lazard was placement advisor to Fund III while Kirkland & Ellis LLP served as legal counsel
  • Based in West Palm Beach, Florida, Blue Sea invests in lower middle market companies valued up to $300 million
  • The private equity firm has over $1.4 billion in assets under management

Blue Sea Capital has closed its third fund at $618 million, beating its $600 million target.

Fund III’s limited partners include insurance companies, funds-of-funds, endowments and foundations, financial institutions, consultants and multi-family offices. In addition, more than 50 CEOs, founders, and industry executives invested in the fund.

“We are thankful for our investors’ support as we seek to build special, best-in-class companies and deliver attractive returns,” said Blue Sea Capital Managing Partners J.R. Davis and Rick Wandoff in a statement. “We also want to acknowledge our Fund I & II portfolio company leadership teams, who continue to drive the positive outcomes which contribute to strong investor support.”

Fund III’s investments include Flagger Force, a regional provider of short-term traffic control services; and Rhino Tool House, a distributor of intelligent fastening solutions, customized material handling solutions and calibration services to original equipment manufacturers.

Lazard was placement advisor to Fund III while Kirkland & Ellis LLP served as legal counsel.

Based in West Palm Beach, Florida, Blue Sea invests in lower middle market companies valued up to $300 million. The private equity firm has over $1.4 billion in assets under management.