Seaside Equity Partners closed its second private equity investment fund, Seaside Equity Partners II, L.P. (“Seaside Fund II”). Seaside began fundraising in September 2022 with an initial target of $225 million. With the support from our existing investors, a base of new limited partners and a meaningful commitment from the Firm’s team, Seaside Fund II had its final close in December 2022 at $325 million.

Despite the challenging fundraising marketplace, Seaside’s unique approach and differentiated investment focus drew significant support from a broad base of limited partners including endowments, foundations, corporate and public pensions, insurance companies, consultants, family offices and individuals.

“We are grateful for the confidence and profound support that our new and existing investors have in our team and investment strategy,” said Managing Partner Andrew Thompson. “We are extremely pleased that we were able to close meaningfully above our targeted fund size in such a difficult fundraising environment and remain committed to continuing our disciplined approach to pursuing value creation within the lower middle market.”

Like its predecessor, Seaside Equity Partners Fund I, L.P. (“Seaside Fund I”), Seaside Fund II will seek to provide capital, resources and strategic support to leading providers of mission critical services that are headquartered in the Western United States. Seaside adheres to a growth-focused and operationally oriented approach toward investing in lower-middle market companies. Seaside Fund II will continue to focus on partnering with founder, family and entrepreneur-owned businesses with strong foundations and opportunities for outsized growth.

With the closing of Seaside Fund II, the Firm has raised over $500 million and invested in 26 companies including nine platform companies and 17 add-on acquisitions. Seaside Fund I, a $160 million fund raised in February 2021, will soon be fully deployed, including reserves for growth investments in existing platforms.