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Thompson Street Capital targets $1.5bn for sixth flagship

The firm, which has closed several deals in recent months, is eyeing a first close in May.

Thompson Street Capital Partners is expected to raise close to its $1.5 billion target on its first close for its next flagship pool, sources told Buyouts.

The first close could come in May, the person said. It’s not clear if Thompson Street Capital Partners VI is capped.

Park Hill Group is working as placement agent on the fundraising. Managing partner Jim Cooper declined to comment.

Cooper launched Thompson Street Capital in 2000 alongside co-founder Peter Finley, who retired in 2008, according to his LinkedIn profile. Cooper is listed in the firm’s Form ADV as controlling the management company. Cooper and Finley both worked at Harbour Group before branching out and forming Thompson Street Capital.

The firm managed about $2.6 billion as of Dec. 31, 2020, the Form ADV said. Bob Dunn is listed as the other managing partner of the firm.

Thompson Street Capital targets founder-led mid-market businesses across healthcare and life sciences, software and technology services and business services and engineered products. It invests equity of $25 million to $150 million in companies with EBITDA between $5 million and $20 million.

Recent activity includes the acquisition of Freddy’s Frozen Custard & Steakburgers in March. In December, Thompson Street invested in WeVideo, a collaborative video creation platform, and the firm’s portfolio company Marmic Fire & Safety Co. added-on Total Fire & Safety.

St. Louis-based Thompson Street closed Fund V on $1.15 billion in 2018, beating its $850 million target. Fund IV closed on $640 million in 2015; Fund III closed on around $350 million in 2012, its first fund after co-founder Peter Finely retired; $300 million for Fund II in 2007; and $145 million for its debut pool in 2002, the firm said in a statement at the time.

Fund-of-funds Capital Z Investments helped anchor the debut fund with a large commitment, the firm said.