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PRINT THIS PAGE Pfingsten Partners closes $525m fund12/05/2008. Source: AltAssets. 
Chicago-headquartered lower mid-market private equity firm Pfingsten Partners has closed its fourth fund, Pfingsten Partners Fund IV, on $525m, exceeding its original target of $400m. The investor base for Fund IV is comprised of institutional investors (83 per cent) and high-net-worth individuals, families and Pfingsten professionals (17 per cent). Approximately 20 per cent of Fund IV capital commitments came from overseas investors, the firm said in a statement.
With its new fund, the firm will continue its strategy of investing in mid-market manufacturing, distribution and business service companies. The fund is expected to invest in about 20 platform investments, with transaction values between $15m and $100m.
Pfingsten founder and senior managing director Thomas S Bagley said, 'We believe consistent adherence to our investment criteria, a strong operational approach to building value, global capabilities and conservative capital structures are responsible for Pfingsten's success to date and put us in the fortunate position of being substantially over-subscribed. We plan to use the same formula to build value in Fund IV.'
Pfingsten's previous fund closed on $285m in 2004.
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