Blue Sage Capital closed its fourth private equity fund, Blue Sage Capital IV, at $618m, exceeding its $400m target and $550m hard cap.
The Texas-based firm, known for investing in lower middle-market companies, raised more than twice the amount of its $300m predecessor fund.
Investor demand for the fund was exceptionally strong, with Blue Sage securing backing from a diverse group of Limited Partners, including university endowments, charitable foundations, pension funds, large family offices, insurance firms, and high-net-worth individuals. Many of these investors have supported Blue Sage across multiple funds, with some relationships spanning nearly 25 years.
Despite overwhelming interest, Blue Sage capped the fund’s size to stay committed to its lower middle-market investment focus. Fund IV will follow the firm’s established strategy of partnering with founders, families, and management teams in environmental solutions, niche manufacturing, and specialty services across North America, with a strong focus on Texas, the Southwest, and the Midwest.
The firm raised the fund without a placement agent and engaged Kirkland & Ellis as legal counsel. With this latest fund, Blue Sage strengthens its position as a leading private equity firm in the lower middle market, continuing its disciplined approach to high-growth investments.
Source: Dakota
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