Align Capital Partners has closed its second private equity investment fund, Align Capital Partners Fund II, LP and Align Capital Partners Fund II-A, LP, collectively referred to as ACP II. Fundraising began in November 2019 with an initial target of $400 million and closed at the offering’s hard cap of $450 million. With the closing of ACP II, Align Capital Partners has raised more than $775 million since the firm’s founding in 2016.
“We appreciate the continued support from our existing investors and are grateful for the strong interest from the new limited partners joining us in ACP II,” said Co-Founder and Managing Partner Steve Dyke in a statement. “ACP continues to attract high-quality investors whose partnership and trust are essential to the success of our firm.”
ACP remains dedicated to the lower middle market with a tailored, growth-focused approach for companies with less than $150 million of enterprise value. ACP intends to continue investing in B2B business services, specialty manufacturing and value-added distribution companies with attractive core attributes and strong growth potential.
“ACP has built our brand around being disciplined growth investors in the true lower middle market, and we continue to believe in the potential it offers,” said Co-Founder and Managing Partner Rob Langley in a statement. “There is no change to our focus in ACP II. Our willingness to start small and aggressively invest in a company’s people, processes, and systems has resulted in a distinctive portfolio in ACP I that we’re proud to own.”
Align Capital Partners’ inaugural $325 million fund closed in September 2016 after just four months of marketing. Since then, ACP has acquired eight platforms and closed 16 add-on investments to help its platform companies significantly scale. The firm now has 18 team members in Dallas and Cleveland to support its continued growth.
Co-Founder and Managing Partner Chris Jones added: “Entering our fourth year as a firm, we are proud of the team we’ve built at ACP and the partnerships formed with our portfolio companies. We look forward to the new management partnerships we will form in ACP II, where we can utilize our experience and network of operating resources to help more companies achieve their growth objectives.”
Capstone Partners served as the exclusive placement agency for ACP II, and Kirkland & Ellis LLP provided legal counsel.