Industrial Growth Partners has closed on a $353.5 million third fund for private equity deals associated with heavy industry, according to a regulatory filing.
Industrial Growth Partners III is larger than the firm’s previous fund, which weighed in at $272 million and was raised in 2002.
The regulatory filing lists the Teachers Insurance and Annuity Association of America as a beneficial owner. Previous limited partners have included the California Institute of Technology Endowment, GE Equity, the James Irvine Foundation and The State of Wisconsin Investment Board, according to CapitalIQ. The firm has 26 investors in its new fund.
The regulatory filing lists the fund’s business description as “venture capital investment partnership,” but the firm has historically invested only in management buyouts, corporate divestitures, growth financings and recapitalizations. It looks for companies in manufacturing with between $30 million and $100 million in revenue that have a history of profitability.
The firm is based in San Francisco and counts partners Michael Beaumont, Gottfried Tittiger and Patrick Foster as its managers.