Insight

Keystone Capital wraps up third fund at $630m

The fund's limited partners include endowments, foundations, insurance companies and family offices.

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  • Fund III will invest mostly in North American businesses across five industry sectors that include engineering and technical services and industrial technology
  • Kirkland & Ellis LLP provided legal counsel on the fundraise for Fund III
  • No placement agent was used

Keystone Capital has closed its third fund at a hard cap of $630 million.

The fund’s limited partners include endowments, foundations, insurance companies and family offices.

Fund III will invest mostly in North American businesses across five industry sectors: engineering and technical services, tech-enabled services, commercial services, industrial technology and food and beverage.

“We are humbled by the overwhelming support from our limited partners in this challenging fundraising market,” said Scott Gwilliam, managing partner of Keystone in a statement. “We raised this fund in just under four months and are proud to have 100 percent of our Fund II institutional investors return.”

Kirkland & Ellis LLP provided legal counsel on the fundraise for Fund III.

No placement agent was used.

Founded in 1995, Keystone invests in the lower middle market.