Princeton Equity Group has closed Princeton Equity Partners III with $1.3 billion in total commitments, exceeding its $875 million target and reaching the fund’s hard cap.
The fund was significantly oversubscribed and completed its first and final close within two months.
Fund III is more than twice the size of Princeton’s predecessor fund.
Existing limited partners provided substantial support, while the firm also added new U.S. and international institutional investors.
The investor base includes pension plans, endowments, foundations, sovereign wealth funds, family offices, insurance companies and asset managers.
Princeton will continue its strategy of investing in franchisor and multi-location businesses, a sector the firm’s team has focused on since 2006.
The private equity firm supports portfolio companies with capital, industry expertise, its GrowthEdge operating resource group and FusionPoint, Princeton’s proprietary AI-enabled technology platform.
Princeton’s team has invested in more than 30 franchisor and multi-location businesses.
Portfolio companies have included Amped Fitness, Barry’s, D1 Training, Ellie Mental Health, European Wax Center, Five Star Franchising, KidStrong, Massage Envy, Pirtek, StretchZone and Strickland Brothers.
Support: Lazard served as exclusive placement agent for Fund III, while Proskauer Rose served as legal counsel.
KEY QUOTES:
“For nearly two decades, our team has partnered with high-quality, often founder-led, management teams who care deeply about building market-leading, franchisor and multi-location businesses. These companies combine great people, strong unit economics, recession resiliency, and an ability to stand the test of time. Fund III gives us an even greater ability to support these kinds of businesses and their leaders.”
Jim Waskovich, Co-Founder and Managing Partner of Princeton Equity Group
“We’re grateful for the continued support of our existing investors and pleased to welcome new institutional partners to Fund III. The fund marks a meaningful expansion of our investor base, particularly in Europe, along with new relationships with global consultants and leading endowments. We see this support as confirmation of both our longstanding partnerships and Princeton’s differentiated position with institutional investors globally.”
Doug Kennealey, Co-Founder and Managing Partner of Princeton Equity Group
