May River Capital LLC has raised its sophomore fund, May River Capital Fund II, LP. Following a three-month fundraising process, the fund held a single closing during which it accepted $300 million in limited partner subscriptions, which was the target size of the fund. Demand for May River Fund II substantially exceeded its target size. The fund is expected to continue May River Capital's focus on investing in high-quality, lower middle-market industrial businesses with excellent management teams and the potential for significant growth and value enhancement.
May River Capital received capital commitments from a well-respected group of limited partners, including university endowments, insurance companies, charitable foundations, fund-of-funds, family offices and high-net-worth individuals. May River Capital's founding partners, Chip Grace, Steve Griesemer and Dan Barlow, along with the firm's executive resource group, made significant capital commitments to the fund.
Since its founding in February 2012, May River Capital has closed and managed seven investment platforms as well as 10 add-on acquisitions. In 2019, the firm successfully completed two exits.
"We are thankful for the strong support of our investors and are excited to continue our strategy of investing in high-caliber, lower middle-market, industrial growth businesses," May River Capital Partner Chip Grace said in a statement.
M2O Private Fund Advisors acted as placement agent and Winston & Strawn LLP provided legal counsel.