Lower middle market-focused private equity firm American Discovery Capital has held the final close of American Discovery Fund II at $190m in total capital commitments.
ADC’s latest fund closed at more than three times its predecessor, American Discovery Fund I, which closed in 2019 and invested $60m across six portfolio companies and 17 add-on acquisitions.
ADF II received commitments from existing and new investors including wealth managers, family offices and high net worth individuals, over 17% of which came from ADC’s partners and employees.
According to a press statement, ADF II will continue to target companies in the business services and software sectors. ADF II has already closed three investments and is actively seeking new investment opportunities.
Kirkland & Ellis advised ADC.
Source: Private Equity Wire
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