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US Friend Skoler closes debut third-party fund above target at $231m

US Friend Skoler & Co. has announced the close of its debut third-party fund with $231m of commitments. The firm was originally targeting $150m and will continue to focus on acquiring and building companies at the smaller end of the middle-market.

'We are pleased to have exceeded our target with such a high quality group of investors,' said Alexander Friend, managing director at the firm. 'We believe our success reflects our consistent focus on the smaller end of the middle-market, our strong 18 year track record, and our value added approach to portfolio management. Given the substantial collective operating experience of our firm's senior principals, we are uniquely positioned to work alongside management to grow our portfolio companies.'

Friend & Skoler was founded in 1998 as a pledge fund formed in relationship with the executives of Kohlberg Kravis & Roberts. The firm typically invests between $10m and $30m per transaction. The firm has invested a total of $60m in 18 deals since its inception and its realised investments have generated $88.7m on a cost basis of $19.6m.

'We believe the smaller end of the middle market will continue to offer a large flow of attractive investment opportunities at reasonable valuations,' said Steven Skoler, managing director at the firm. 'The fund is a logical next step for us. With a committed pool of capital, we will be able to increase our proprietary sourcing and transaction capacities, expand our relationships with intermediaries and pursue an increased number of investment opportunities.'

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