Keswick Capital, a venture capital firm, has completed its final close for KesCap IV, reaching total commitments of $178 million. KesCap IV’s investors consist of financial institutions, pension funds, insurance companies, funds of funds, and family investment offices.
“We are very pleased to have the support of such a high quality group of investors, particularly during a challenging fundraising environment,” said George Hammersmith, Keswick Capital’s Chairman and CEO.
KesCap IV has already invested approximately 30% of its capital commitments in three platform investments. “These first three investments in KesCap IV represent a group of outstanding, diverse companies with tremendous potential, but we remain interested in identifying more opportunities for rounding out our portfolio and continuing our focused investment strategy and exceptional investment performance,” said Hammersmith.
According to Hammersmith, that strategy means continuing to focus on making control investments in partnership with family-owned and other privately-held businesses. This current fund targets companies with initial EBITDA between $5 million and $15 million and works closely with the management of these companies to help build much larger and more profitable enterprises. Since inception, Keswick Capital has completed 30 portfolio company investments and has achieved a 3.0x gross return multiple on all invested capital.
Keswick Capital is very pleased with such a fast closure on its fourth fund.