BOSTON–(BUSINESS WIRE)–New Heritage Capital (“Heritage”) announced today the closing of its oversubscribed fourth fund, New Heritage Capital IV, L.P. (the “Fund”), at $438 million in total capital commitments, exceeding its target of $350 million. Heritage is a Boston-based private equity firm focused on partnering with high-growth, founder-owned businesses in the middle market.
Since its founding in 2006, Heritage has raised approximately $1 billion in committed capital and invested in more than 15 platform companies and 30 add-on acquisitions.
“We are grateful for the strong support and continued partnership from both our existing and new investors, particularly in such a challenging fundraising environment,” stated Mark Jrolf, Co-Founder & Managing Senior Partner at Heritage. “We believe that our strategy of partnering with successful founders through our innovative Private IPO® structure will continue to create market differentiation, accelerate growth and drive returns across our portfolio.”
Fund IV’s investor base is diversified across North America, Europe and around the globe, and is comprised of high-quality limited partners, including consultants, endowments, insurance companies, public pensions, family offices, asset managers and funds of funds.
Nickie Norris, Co-Founder at Heritage, said, “We have built our organization around a culture of collaboration, and we are proud of our team, the founders and CEOs we work with and the value we’ve created for our investors.”
Co-Founder Charlie Gifford added, “Our Private IPO® partnership model is very relevant in today’s market. By offering up to 50% in continued ownership, we provide owners with the opportunity to realize significant liquidity today while participating meaningfully in the future growth in their company’s value.”
Harris Williams served as exclusive placement advisor for Fund IV and Latham & Watkins LLP served as fund counsel.
New Heritage Capital is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational, and financial guidance to help its companies reach their growth objectives.
