New Heritage Capital (Heritage) recently announced the closing of its oversubscribed fourth fund, New Heritage Capital IV, L.P. at $438 million in total capital commitments, exceeding its target of $350 million. Heritage focuses on partnering with high-growth, founder-owned businesses in the middle market. Since its founding in 2006, Heritage has raised approximately $1 billion in committed capital and invested in more than 15 platform companies and 30 add-on acquisitions.
Fund IV’s investor base is diversified across North America, Europe, and around the globe. And it is comprised of high-quality limited partners, including consultants, endowments, insurance companies, public pensions, family offices, asset managers and funds of funds.
Harris Williams served as the exclusive placement advisor for Fund IV and Latham & Watkins LLP served as the fund counsel.
KEY QUOTES:
“We are grateful for the strong support and continued partnership from both our existing and new investors, particularly in such a challenging fundraising environment. We believe that our strategy of partnering with successful founders through our innovative Private IPO structure will continue to create market differentiation, accelerate growth, and drive returns across our portfolio.”
– Mark Jrolf, Co-Founder & Managing Senior Partner at Heritage
“We have built our organization around a culture of collaboration, and we are proud of our team, the founders and CEOs we work with and the value we’ve created for our investors.”
– Nickie Norris, Co-Founder at Heritage
“Our Private IPO partnership model is very relevant in today’s market. By offering up to 50% in continued ownership, we provide owners with the opportunity to realize significant liquidity today while participating meaningfully in the future growth in their company’s value.”
– Co-Founder Charlie Gifford
