US-based Harvest Partners has held a final closing on Harvest Partners IV at $558 million. The fund will be sourcing deals both in Europe and the US and will invest in management buyouts and growth financings of profitable domestic and multinational mid-market companies. The new fund exceeds the target of Harvest Partners previous $362 million fund thanks to strong support from existing investors and demand from new investors.
Investors include leading US and multinational financial institutions, insurance companies and prominent public and private pension funds. The close increases Harvest Partners’ capital under management to approximately $1 billion.
“The quality and diversity of prominent investors in our new fund reflects the strength of our investment philosophy and our ability to recognise value and generate attractive investment gains for our limited partners,” said Harvey Wertheim, co-founder of Harvest Partners.
The fund made its first investment in April when it led the $436 million take-private of Associated Materials, a manufacturer and supplier of vinyl windows and other exterior building products.