Northrim Horizon L.P. announced that it has successfully closed Northrim Horizon Fund II, L.P. with $153 million of committed capital. And Fund II was oversubscribed, surpassing a target of $120 million and exceeding the size of its predecessor fund (Fund I) by over 300%. Consistent with the strategy of Fund I, Fund II is going to focus on partnering with well-run, profitable, and enduring platforms within attractive sub-sectors, including business services, software and tech-enabled services, and healthcare services.
Fund II had benefitted from strong re-up rates from returning investors, while adding new institutional investors, including leading fund-of-funds, insurance companies, and family offices. And over the past 3 years, Northrim Horizon has invested in 20 service companies, including 5 platforms and 15 strategic add-on acquisitions while augmenting management teams, investing in the expansion of product and service offerings, strengthening go-to-market and customer service organizations, and enhancing business processes.
Fund II already made its first platform investment in ITC In-Home Personal Care, a provider of non-medical home care and community-based services to elderly and intellectually and developmentally disabled clients in Arizona. And Northrim targets mature, cash-generative businesses with EBITDA between $1 to $5 million in its areas of focus and also seeks add-on acquisitions for high-performing platform investments.
KEY QUOTES:
“We are excited to announce the completion of Fund II and grateful for the support of our investors as we continue to pursue our mission of investing in and building exceptional businesses. This additional capital will enable us to expand our portfolio and create long-term value for our stakeholders.”
“We believe our success stems from our dedication to building a firm around exceptional people and fostering a culture where people can establish an exciting career for the long term. We are thrilled to see investors’ enthusiasm for Northrim’s strong outcomes and differentiated approach to building best-in-class businesses and leadership teams.”
— Brad Gulbrandsen, Managing Partner of Northrim Horizon
