Charlesbank Capital Partners held a final closing on its Charlesbank Equity Fund V, raising $585 million, surpassing its $500 million target.
The firm in 1998 spun itself off from Harvard Management, which runs the $12 billion endowment at Harvard University, Boston. This is its first fund to include investors in addition to Harvard. Other investors include: the $31.3 billion Massachusetts Pension Reserves Investment Management Board, Boston; $11.3 billion World Bank pension fund, Washington; $4.1 billion Carolina Power & Light Co. pension fund, Raleigh, N.C.; $65.8 million Woburn (Mass.) Retirement System; $164 million Brockton (Mass.) Contributory Retirement System; $616 million Worcester (Mass.) Retirement System; $458 million University of Colorado Foundation, Boulder; $168 million Kansas State University Foundation, Manhattan; and the $1.2 billion Wellesley College endowment, Wellesley, Mass.
The fund will focus on middle-market management buyouts and growth capital financings.