Charlesbank Capital Partners is raising its next flagship fund, targeting $3.25 billion, two sources told Buyouts.
The firm is one of a group of established managers hitting the pandemic-scarred markets that are expected to have a fairly smooth path to final close. Limited partners are generally expected to stick with their established managers, eschewing new relationships while stuck in a remote environment.
Charlesbank is expected to raise up to $4 billion for the new pool, called Charlesbank Equity Partners X, one of the sources said.
Charlesbank closed its prior flagship pool, Fund IX, on $2.75 billion in 2017. In between, the firm raised its debut tech-growth fund, which closed on more than $700 million, beating its $600 million target. Charlesbank also raises credit-focused funds.
Mid-market-focused Charlesbank, which spun out of Harvard Management Company in 1998, raised $1.5 billion for its seventh fund in 2009. The firm managed about $7.29 billion of assets with $3.9 billion in fair value of assets and $3.35 billion in uncalled commitments, according to Charlesbank’s Form ADV.
Charlesbank is led by Michael Choe, chief executive officer, and managing directors and co-chairmen Kim Davis and Michael Eisenson.
In June, the firm agreed to invest in Aptean, which provides enterprise resource planning and supply chain services. Charlesbank joined TA Associates and Vista Equity as an investor in the company, PE Hub wrote in June.