Providence-based Nautic Parnters, a middle-market private equity firm, announced it has raised $1.5 billion for its ninth fund. The oversubscribed fund, called Nautic IX, was successful “due to strong support from both existing and new institutional investors,” the firm said in a news release.
This marks the most recent fund for Nautic since its $900 million committed capital raise in 2016, for Nautic Partners VIII.
For this round, limited partner investors, while unnamed specifically, were described as a "strong base of leading institutions worldwide," such as endowments, "funds of funds" and global public and private pension plans.
“We are pleased by the level of support and confidence from our limited partners,” said Nautic Managing Director of Investor Relations Allan Petersen. “We believe the success of this fundraise is a strong endorsement of our history of delivering long-term results, as well as the strength of our team, our specialized sector expertise and our extensive network of executive and industry relationships.”
The release adds that looking ahead, Nautic “plans to maintain its current middle market private equity investment strategy within its three core industry verticals," which includes health care, industrial products and outsourced services sectors.
This fund marks another headline in the firm's 33 year history. It originated in 1986 as a part of Fleet Financial Group, ultimately spinning out 14 years later upon raising its first independent fund, Nautic Partners V. Portfolio companies include Canada Cartage, a trucking services provider; San Francisco-based media marketing platform LifeStreet; and Portland, Ore.-based brand-building entity, R2C Group.
