Kirkland Advises Plexus Capital on Close of Two New Funds
Kirkland & Ellis advised Plexus Capital, LLC on the final closings of Plexus Fund VII and Plexus Equity Fund II ahead of schedule and above initial fundraising targets. The new vehicles collectively include more than $1.3 billion of total capital and represent a continuation of Plexus’ 20-year history partnering with profitable, lower middle market businesses based in the United States.
Fund VII raised $977 million of total capital, surpassing its target of $750 million in a fundraise that spanned five months from first to final closing. The fund continues Plexus’ structured capital strategy investing debt accompanied by equity ownership in profitable companies with $10 million to $100 million of revenue and $2 million to $12 million of Ebitda. Separately, Equity Fund II was oversubscribed and reached its hard cap, raising $345 million against a target of $250 million in a fundraising process that lasted three months between first and final closings. The fund is the second vehicle raised for Plexus’ control buyout strategy, which launched in 2021 and follows a thesis-based approach to sourcing, acquiring and building value in companies primarily operating in business and essential services industries. Equity Fund II seeks to deploy $15 million to $40 million of equity per investment.
Read the transaction press release
The Kirkland team included investment funds lawyers Adam Parks, Brian Allen and Gabrielle Kornblau; tax lawyer Brandon Short; and investment funds regulatory lawyers Chris Pristouris and Daniel Kahl.
