Shore Capital Partners has raised more than $400m for its second industrial-focused private equity fund, extending a run of successful fundraising despite a challenging backdrop for the industry.

The Chicago-based firm, founded by billionaire Justin Ishbia, said Industrials Fund II will target infrastructure-adjacent services and specialised maintenance and repair markets, including utility services, aviation maintenance, and residential overhead doors.

The raise follows Shore’s inaugural industrial fund, which collected $207m in 2023. The firm manages more than $17bn in assets and oversees 322 portfolio companies.

“Industrials continues to be a natural extension of the Shore playbook,” Ishbia said in a statement. “We’re seeing sustained tailwinds across sub-categories, and this fund allows us to be an even more intentional, long-term partner to founders and management teams — investing in operational excellence, leadership development, and scalable infrastructure to build businesses faster with less risk.”

Most of the commitments for the new fund came from existing limited partners. The close comes after Shore raised more than $1bn of new capital last year, even as higher interest rates slowed fundraising across private equity.

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