Twin Bridge Capital Partners announced the closing of Pacific Street Fund VI with more than $855 million in capital commitments, exceeding the fund’s $800 million target. The fund was oversubscribed.
Fund VI received commitments from both existing and new investors, including endowments, foundations, insurance companies, and family offices.
The fund will continue Twin Bridge’s strategy of investing in lower middle-market buyout funds and co-investments focused on North American companies. Twin Bridge said Fund VI will target investments in buyout funds with more than $750 million in investor commitments alongside direct co-investment opportunities with fund sponsors.
Similar to prior Pacific Street funds, the firm plans to allocate between $25 million and $35 million for fund investments and between $10 million and $20 million for co-investments. The portfolio is expected to be diversified across vintage years, sectors, industries, investment types, and geographies.
Twin Bridge said it has raised more than $5.4 billion in capital since its founding in 2005 and has invested in approximately 150 funds and more than 130 co-investments. The firm has also committed more than $3 billion to over 70 fund sponsors and invested over $100 million across 16 continuation vehicles.
The company said it continues to focus on the North American lower middle market, particularly companies with enterprise values ranging from approximately $150 million to $500 million.
Kirkland & Ellis served as legal advisor to Twin Bridge.
KEY QUOTES:
“Over more than two decades, we have built our platform with a singular focus on the North American lower middle market, which we believe remains the most consistent and compelling segment of private equity. As the market continues to scale and larger funds move upmarket, we see increasing opportunity to access high-quality companies generally in the $150 million to $500 million enterprise value range, where we have deep relationships and differentiated insight.”
Pat Lanigan, Partner, Twin Bridge Capital Partners
“With our highly focused strategy in the lower middle market, we are able to offer our investors access to top-tier sponsors and opportunities that are often difficult to source independently. We believe our model provides a compelling value proposition, delivering strong performance with lower overall fees and enhanced diversification.”
Pat Lanigan, Partner, Twin Bridge Capital Partners
