CapitalSpring has held a final close on its fifth fund, surpassing its $500 million target, the firm announced on Monday.
CapitalSpring Investment Partners V has locked down $725 million to invest in restaurant businesses, the sector in which the asset manager specialises.
The vehicle charges management fees of 1.5 percent on called capital, according to July 2015 meeting minutes from the Rhode Island State Investment Commission, as well as a 20 percent performance fee to the general partner after the limited partners have earned their 7 percent preferred return, with a catchup provision for the GP’s share.
LPs committed to the fund, which will provide senior and mezzanine debt along with both control and non-control equity investments, include the SIC ($30 million), the Ohio Police & Fire Pension Fund ($50 million), the San Antonio Police & Fire Pension Fund ($15 million) and the San Antonio Area Foundation. In addition to public pension funds, CapitalSpring said Fund V generated interest from endowments, foundations, funds of funds and family offices in both the US and Europe.
The fund will back acquisitions, new development and recapitalisation transactions, among other types of deals, and will look to make investments between $10 million-$100 million. The fund has made seven investments from its first close last year.
The firm was not available to specify which brands or cuisine types it invested it.