Endeavour targets $700 mln for seventh flagship fund

  • Washington committed $150 mln to Fund VII
  • Firm to focus on lower mid-market companies in Western U.S.
  • 2004 vintage fund netting 25.75 pct

Endeavour Capital Fund VII will invest in management buyout and growth equity transactions, as well as recapitalizations, Washington spokeswoman Kate Sandboe said in an email.

Washington committed $150 million to the fund at its Dec. 18 meeting. The $79 billion retirement system invested in Endeavour Capital Fund IV, V and VI as well. Fund VI closed on $675 million in 2011. 

Endeavour Capital IV, a 2004 vintage fund, netted a 25.75 percent internal rate of return as of June 30, according to Washington documents. Fund V (2008) and Fund VI (2011) netted a 9.09 percent IRR and 5.96 IRR as of the same date.

Endeavour co-founder John von Schlegell could not be reached for comment.

Endeavour, which has offices in Portland, Seattle, Denver and Los Angeles, focuses on companies headquartered in the Western United States. The firm typically invests $25 million to $100 million of equity in companies with $5 million to $50 million EBITDA.