Greenwich Shop Raises $120.9M So Far For Fund II

KarpReilly LLC has raised more than $120.9 million for its second fund, according to a regulatory filing.

The firm does not appear to be employing a placement agent to help it raise the fund, KarpReilly Capital Partners II LP. The firm is also raising a co-investment fund, KarpReilly Co-Investment Fund II LP.

The firm has taken commitments from 13 investors, according to the filing, dated April. 20. Previous investors have included BlackRock Alternative Investors and J.P. Morgan Partners LLC, according to Thomson One, a database of Thomson Reuters, publisher of Buyouts.

It’s unclear how much the KarpReilly is trying to raise. The firm raised at least $200 million for its debut fund back in 2008, according to Buyouts archives; KarpReilly’s Web site, however, says it manages a total of $310 million in commitments.

KarpReilly invests $10 million to $75 million of equity in minority- and majority-stake investments. The firm specializes in five sectors: building products, business services, consumer brands, retail and restaurants.

The firm does not appear to have been particularly active on the deal front over the last year. Its last investment came in June 2011, when it bought XS Cargo, an Edmonton, Alberta-based discount retailer of consumer electronics, house wares, furniture and other products, according to Thomson One. KarpReilly’s most recent news posting on its Website is the April 18, 2011, announcement of a growth investment into San Diego-based Burger Lounge, a fast-casual restaurant chain specializing in grass-fed beef hamburgers.

KarpReilly’s current investments include Norcraft Cos., a manufacturer of kitchen and bathroom cabinetry; Café Rio, a Mexican and “Tex-Mex” casual restaurant chain; and Bob’s Discount Furniture, a furniture retailer in the New England and Mid-Atlantic region.

Firm founders Alan Karp and Christopher Reilly were formerly partners at the mid-market buyout firm Saunders Karp & Megrue, which Apax Partners bought in 2005. With London-based Apax, Karp was the co-CEO of the U.S. group while Reilly was head the firm’s U.S. consumer group. They left to start KarpReilly in late 2006. (Megrue, who with Karp was co-CEO of Apax Partners U.S., is now sole CEO of that group and head of the firm’s retail and consumer group.)

Reilly, who signed the regulatory filings, was not immediately available for comment.