Seaport Capital Partners (“Seaport”) today announced that it has successfully closed Seaport Capital Partners V (“Fund V”), a $230 million private equity fund. Fund V was meaningfully oversubscribed, surpassing both its target and hard cap.
Fund V will adhere to Seaport’s 20-year investment approach, focusing on lower middle-market investment opportunities in the communications, business and information services, and media sectors. The four Seaport senior investment professionals, Bill Luby, Jim Collis, Scott McCormack and Bob Tamashunas, have worked together for the last 14 years and will continue to be responsible for making investment decisions and managing the firm’s portfolio of investments.
Scott McCormack, Partner, said, “The Seaport team is excited about the prospects for the firm, including the potential for Fund V’s three existing investments. We will continue to execute on Bill and Jim’s founding vision which is to source investments directly in recurring revenue businesses, typically led by a founder or entrepreneur, and provide the capital and resources to our management teams to execute on a long-term strategic vision.”
Bob Tamashunas, Partner, said, “We are truly grateful for the support and trust from our existing investor base and the conviction showed by several new partners to invest in Seaport and our investment team. We will stay true to our roots in finding businesses that fit our historical target size and investment parameters and will focus our efforts to invest our partners’ capital in the most attractive opportunities.”
The Fund will make equity commitments of between $10 and $25 million in companies with recurring revenue business models and demonstrable unit economics characteristics that operate in growing or fragmented industries. Seaport will continue to pursue primarily control-oriented investments and seek to partner with talented founders and management teams to help grow businesses organically and through acquisition.
Fund V has called more than $67 million to date and has made investments in three platform companies: Quatris Health, a provider of software and services to small and medium-sized physician practices; i3 Broadband, a fiber-to-the-home provider operating in Peoria and Champaign-Urbana, IL; and Keg Logistics, a leasing and logistics company servicing the craft beverage industry.
Seaport has deployed an additional $33 million of co-investment capital across the Fund V investments.
Fund V’s investor base consists of institutional investors, family offices and endowments, and high net worth individuals. Fund V also received commitments from current and former portfolio company management teams and owners of prior Seaport portfolio companies.