Iron Path Capital, a private equity firm with dual headquarters in Nashville and Charlottesville, Virginia, has closed its first institutional fund.
The firm, led by Managing Partners Rob Reistetter and Scott Mraz, said it has secured $273 million for Iron Path Capital Fund I, exceeding a $250 million target. Limited partners in the fund include endowments, institutional investors, family offices and fund of funds, Iron Path said.
The firm targets control investments in lower-middle market specialty industrial and health care companies with less than $15 million in earnings before interest, taxes, depreciation and amortization.
“Our approach includes developing an investment thesis and partnering with founders and managers to scale businesses organically and with strategic acquisitions,” Mraz said in a statement.
Reistetter and Mraz founded Iron Path in 2021. The pair attended Ithaca College together and both previously worked at Charlottesville middle-market private equity firm Quad-C. Mraz went on to serve as president of Quad-C portfolio company NuSil Technology, a specialty materials company for life sciences firms. Reistetter is based in Charlottesville, while Mraz is in Nashville.
Iron Path portfolio companies include Brooklyn Center, Minnesota, electronics manufacturing company TruTech Servo Motors & Systems; Belle, West Virginia, life sciences materials company PureTech Scientific; Austin, Texas-based chronic pain clinic Capitol Pain Institute; and Charlottesville biotechnology research firm Vion Biosciences.
M2O Private Fund Advisors was placement agent to Iron Path, while Foley & Lardner LLP served as fund counsel.
