Prospect Partners, a leading pre-lower-middle market private equity firm, announced the final closing of Prospect Partners Fund V at its hard cap of $225 million. This oversubscribed Fund hit its hard cap after nine months in the market.
This fund continues Prospect’s strategy of backing entrepreneurs in high potential pre-lower-middle market businesses. And as with prior Prospect vehicles, Fund V invests in North American businesses at inflection points in the specialty services, niche manufacturing, and value-add distribution sectors.
Fund V has attracted strong interest from a diverse group of new investors, successfully expanding and diversifying Prospect’s investor base. Investors include well known endowments and foundations, family offices, wealth managers, and fund of funds across the US.
During this fund raising, Prospect completed its first Fund V investment in Extera Building Solutions, a commercial re-roofing business which is the latest example of the firm’s ability to source and execute high-quality deals squarely within its strategy.
Monument Group acted as the exclusive placement agent for Fund V and Latham & Watkins acted as fund counsel.
KEY QUOTES:
“We are delighted to announce the close of Fund V at its hard cap and we’re deeply grateful for the overwhelming support of our investors, both existing and new. Utilizing our disciplined approach, value creation expertise and strong reputation built over more than 25 years, we’ll continue to partner with entrepreneurial, high-potential businesses to help them achieve new levels of success.”
-Erik Maurer, Partner at Prospect Partners
“We are excited to launch Fund V with a great business like Extera. Extera has several hallmarks of a successful Prospect investment, including an industry-leading management team, an actionable value creation plan and a deep M&A pipeline we are aggressively pursuing.”
-Brett Holcomb, Partner at Prospect Partners
“Congratulations to Prospect on their successful fundraise! The Fund’s success reflects investors’ recognition of the strength of the Prospect team, their long-term commitment to the pre-lower-middle market and the brand they have cultivated over 25 years.”
-Bart Molloy, Partner at Monument Group
“Monument Group was a fantastic partner. Their thoughtful approach allowed us to not only hit our hard cap in a difficult fundraising environment, but to find the right investor base for the long-term.”
-Brad O’Dell, Partner at Prospect Partners
