Percheron Capital has held an oversubscribed and hard cap close of its second fund, Percheron Capital Fund II LP, with $1.55 billion in commitments.
Limited partners in Fund II include both new and returning university endowments, charitable foundations, pension funds, financial institutions, family offices and fund-of-funds. Percheron’s first fund, Percheron Capital Fund I LP, closed at its $770 million hard cap in September 2021.
Percheron was co-founded in June 2020 by Chris Collins and Chris Lawler; both are former professionals of Golden Gate Capital where they worked together for almost ten years. Percheron targets middle-market essential services businesses with a specific interest in animal health, automotive, education, food and beverage, healthcare and wellness, and residential end markets.
“We are grateful for the resounding support from our returning and new limited partners,” said Mr. Collins. “This milestone is a testament to our differentiated approach of identifying strong essential services businesses and propelling their accelerated growth.”
Percheron’s current investment portfolio include Big Brand Tire & Service, a California-based tire and auto repair provider acquired in March 2021; Veritas Veterinary Partners, a New Jersey-based network of veterinary hospitals acquired in April 2021; Caliber, a Georgia-based provider of express car wash services acquired in December 2021; and Animal Dermatology Group, a California-based provider of veterinary dermatology services acquired in December 2021.
Three more recent acquisitions include Blue Cardinal Home Services Group, a Texas-based provider of residential HVAC, plumbing and electrical services acquired in September 2022; Lookout Pest Control, a Georgia-based provider of pest control services acquired in March 2023; and SafeBasements, a Minnesota-based provider of foundation repair and basement waterproofing services acquired in October 2023.
“The significant interest in Fund II reflects the quality of our team, strategy and outcomes,” said Mr. Lawler. “We deeply appreciate the trust placed in us by our investors and are committed to delivering exceptional results.”
In addition to its capital raising and transaction capabilities, Percheron actively supports its portfolio companies through its nine-person in-house portfolio support group and its five-person operating partner and advisor team.
Kirkland & Ellis provided legal services for this fundraise.
© 2024 Private Equity Professional | March 28, 2024
