Angeles Equity Partners held the final close of its second fund, along with parallel funds, with over $540 million in capital commitments.
Angeles Equity Partners II beat its $500 million target thank to support from institutional investors including endowments, foundations, public pension plans and family offices based in North America, Europe and Asia.
With total capital commitments nearing $1 billion, the new fund is over 50% larger than its predecessor and will pursue the same strategy of boosting underperforming industrial ventures in North America through investment expertise, sub-sector knowledge and operational engagement.
Angeles has already invested in four platform companies in the new fund: California occupational healthcare clinic operator Agile Occupational Medicine, equipment manufacturer Precision Surfacing Solutions, critical environment cleaning specialist Data Clean and third-party logistics provider Custom Goods.
Timothy Meyer, co-founder and managing partner of Angeles Equity Partners, said the successful close of Fund II provided validation of the Los Angeles-based firm’s investment strategy and ability to create value in the industrial landscape.
“There are a number of attractive market fundamentals currently at play which we feel bolster our strategy and look forward to capitalizing on them for our investors as we continue our mission to be the leading middle-market industrials firm,” added Jordan Katz, also a co-founder and managing partner.
Angeles received legal counsel from Kirkland & Ellis, while Rede Partners was the exclusive global placement advisor for Fund II.
