Middle-market private equity firm Union Capital Associates closed its latest fund at its hard cap of $309 million, with strong backing from global investors including pension funds, family offices, endowments and foundations.
Monument Group acted as the exclusive placement agent for the oversubscribed fund, and it also advised the firm on raising Union Capital Equity Partners II, which closed at its hard cap of $200 million in July 2017.
Like its predecessor fund, Union Capital Equity Partners III is intended to invest in founder- and family-owned businesses based in the U.S. The firm has already deployed about 25% of Fund III into three unnamed portfolio companies: a hot sauce manufacturer, group purchasing organization and a business process outsourcing marketing firm.
Union Capital focuses on food manufacturing, business process outsourcing, restaurant franchises and specialty manufacturing.
Managing Partners Jay Landauer, Reis Alfond and Bill Ogden have worked together for more than 15 years, and they rely on several of the firm’s former portfolio company CEOs for operations expertise and industry knowledge across its focus sectors.
Union Capital is usually the first institutional investor in the companies it elects to work with, and its track record dates back to its 1968 founding as Union Capital Corporation. The firm currently has offices in Connecticut and Chicago.
