Access Holdings, a digitally-enabled middle market investment firm based in Baltimore, today announced it has raised approximately $805m in new capital, including $525m for Access Holdings Fund II L.P. (“Fund II”) and an additional $280m for Fund II co-investment.
This capital will be used for middle-market buyout and growth capital investments in the U.S. The fund exceeded its target of $500m amid strong headwinds in the private equity fundraising market. Access now manages more than $2.7bn in assets.
The fund received support from several institutional investors, including new and existing limited partners comprised of endowments, insurance companies, prominent asset managers, and others. Investors in Access Holdings Fund I L.P. increased commitments to Fund II by an average of over eighty percent. Access Holdings Fund I closed at approximately $340m and generated approximately $300m of co-invest.
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“We are humbled and grateful for the support of our new and existing investors and partners,” said Access Holdings Founder & Managing Partner Kevin McAllister. “Access’ second fund close marks a significant milestone in our firm’s history. We will continue to execute innovative and systemic value creation strategies that support enduring success for our stakeholders and continue to strengthen their trust in our partnership.”
Since the close of Access’ first fund in December 2020, market conditions have tightened. Private equity funds face a tougher environment, with the number of funds achieving their target raise decreasing from 89% in 2021 to 53% in 2022[1], and time in market doubling from 16 months in 2021 to 32 months in 2023[2]. Access launched Fund II in November 2021, and it closed 21 months later.
Access Holdings utilizes a contemporary digitally-enabled, high-velocity build and buy approach to maintain growth in the face of market uncertainty. By implementing purposeful best practices and next generation technologies, Access has scaled eight platform companies and completed over 200 add-on acquisitions. Access will continue to advance its business building capabilities as it deploys Fund II capital and works with partners to scale and grow market leading businesses.
Source: PR News Wire
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