Constitution Capital Partners closed its latest and largest private equity fund to date, with total commitments of $1 billion for Ironsides V.
Originally, the $3.8 billion firm had targeted $600 million and the latest round of funding exceeds that of Ironsides IV, which closed at $755 million in December 2016.
“This latest fundraise is a testament to our team’s demonstrated track record of investing across market cycles and sectors,” said Daniel Cahill, managing partner of the Boston-headquartered firm. “We are grateful to our longstanding and new limited partners for their support and look forward to putting their capital to good use in quality partnership and co-investment opportunities across North America.”
Commitments to the new fund came from a diverse group of new and existing global investors comprised of leading public pension plans, corporates, Taft-Hartley plans, foundations, endowments, family offices and high-net-worth investors.
Ironsides V will focus on investments in primary funds with $400 million to $2 billion and direct investments in companies with enterprise values between $100 million and $1 billion, just as its predecessor fund has done. The fund to date has completed 27 direct investments and 11 fund investments.
“For more than three decades, we have developed deep sector expertise through fundamental research and a commitment to proactively building long-term relationships with best-in-class fund managers and high growth businesses,” said John Guinee, managing partner. “We look forward to continuing to execute on this strategy while serving as a preferred partner.”