Nautic Partners, a midmarket buyout shop that traces its roots to the now defunct Fleet Financial Group, said it has closed its eighth fund at the fund’s $900 million cap.
The firm began marketing the fund in October and quickly attracted investor interest well in excess of the fund’s cap, LBO Wire reported late last year.
The final closing of Nautic Partners VIII LP exceeds both its $800 million target and the size of its seventh fund, which wrapped up with less than $600 million in 2014.
Investors in Fund VIII include AlpInvest Partners, Ardian, the Arizona State Retirement System, Brown University, the Employees’ Retirement System of the State of Rhode Island, HarbourVest Partners, clients of J.P. Morgan Asset Management, LGT Capital Partners, Nebrodi Partners, New York State Teachers’ Retirement System and Pathway Capital Management, according to a news release.
Mercury Capital Advisors placed the fund and Kirkland & Ellis LLP served as legal adviser, according to the release.
Nautic targets equity investments of $25 million to $75 million in companies with annual earnings before interest, taxes, depreciation and amortization of $10 million to $30 million. The firm focuses on investing in the health care, industrial products and outsourced services sectors.
Founded as part of Fleet Bank in 1986, Nautic spun out in 2000, when it raised $1.1 billion Nautic Partners V LP, the firm’s first independent fund, according to the news release.