Shore Capital Partners, a private equity firm focused on lower-middle market investments, closed its inaugural Healthcare Advantage Fund, second Business Services Partners Fund and first Shore Search Partners Fund. The three funds each exceeded their targets and together represent over $1.9 billion in commitments, bringing the firm’s assets under management to $9.1 billion.
“The completion of these fundraises reflects a continuation of our lower-middle market focus, while also innovating for expansion opportunities through the Advantage and Search Funds,” Justin Ishbia, founder and managing partner of Shore Founder, said. “Our commitment to value creation through outsized operational support has always been core to our strategy, and it will continue to be as we extend our investment range across the lower-middle market. We are grateful for the strong support from our existing limited partners and new strategic partners amidst a challenging economic backdrop.”
The Advantage Fund is led by founding partners Mike Cooper and John Hennegan. The business services team is led by partners Brad Morehead, Rory Kenny, Matt Sweeney and Mickey Jiang.
“The strong support from our limited partners for our second Business Services Fund is indicative of our progress in Fund I, proven investment strategy, and discipline across attractive sectors,” Morehead said. “Pairing our business services experience with our rigorous thesis development process, we have narrowed in on industry niches we believe have the greatest potential for high-impact partnerships with founders and owners of small and medium-sized companies poised for accelerated growth.”
The Search Fund is led by partner Michael Aubrey and principals Jeff Smart, Jeff Smith and Jacob Balley.
Commitments for the three funds came from the firm’s existing investors and select new limited partners, resulting in a diverse investor base comprised of university endowments, financial institutions, pension funds, insurance companies, funds of funds and family offices. The partners of Shore have also committed capital to the funds.
Kirkland & Ellis served as a legal advisor to Shore for the fundraising efforts. Shore did not use a placement agent.
