Carousel Capital (“Carousel”) announced today the final closing of its fourth buyout fund, Carousel Capital Partners IV, L.P (“Fund IV”). At $265.5 million, Fund IV exceeded its initial target and is Carousel’s largest to date, having garnered approximately 25% more in commitments than Carousel’s previous fund. Carousel received strong support from its existing investors and attracted a diverse group of new institutional investors to the fund. This impressive group includes pension funds, endowments, foundations, insurance companies, fund of funds and other established institutional investors. In addition, Carousel’s traditional offering to a select group of Chief Executive Officers across the Southeast was fully subscribed as part of the fundraising.
Based in Charlotte, North Carolina, Carousel is led by four managing partners: Charles Grigg; Bill Hobbs; Jason Schmidly; and Nelson Schwab. With Fund IV, Carousel will continue its focus on acquiring companies headquartered exclusively in the Southeastern United States within its three targeted sectors: business services; consumer products and services; and healthcare services.
“We are thrilled with the success of this fundraising in a competitive capital raising environment,” said Bill Hobbs, a Managing Partner at Carousel. “We have already committed 20% of the fund in two new platform investments and we are excited about the pipeline of opportunities that we are already evaluating for Fund IV. “
In total, Carousel Capital has raised more than $750 million of private equity commitments across four funds since its founding in 1996.
Credit Suisse Securities (USA), LLC served as placement agent for Fund IV and Latham & Watkins LLP served as legal counsel.
Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 30 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.