Constitution Capital Partners closed on $1 billion in capital for its latest private equity fund of funds, Ironsides Direct Investment Fund V, and one related segregated mandate of $120 million, according to Daniel M. Cahill, a managing partner.
The fund exceeded its $600 million fundraising target and the previous fund, Ironsides Direct Investment Fund IV, which closed with $755 million in December 2016.
The current fund will primarily invest in private equity funds with $400 million to $2 billion in commitments as well as direct investments in companies with enterprise values of $100 million to $1 billion. The fund has already made 27 direct investments and 11 fund investments.
Investors in the fund include the $1 billion Plymouth County (Mass.) Retirement Association; $537 million Ann Arbor (Mich.) City Employees' Retirement System; and $156 million Norwood (Mass.) Contributory Retirement System.