Tyree & D'Angelo Partners closes fourth fund at $650M hard cap
What's the deal? Chicago-based Tyree & D'Angelo PartnersDealroom has a profile for this one. Try Dealroom → has closed its fourth fund, TDP Fund IV LP, at its $650 million hard cap. The fund closed on August 31 after less than two and a half months in market, and was fully allocated and significantly oversubscribed.
Who backed it? Commitments came from long-standing limited partners as well as new institutional investors. William BlairDealroom has a profile for this one. Try Dealroom → acted as exclusive advisor on the fundraise and managed investor interest, while Kirkland & EllisDealroom has a profile for this one. Try Dealroom → provided legal services.
What's the endgame? The firm takes control positions in lower middle-market companies and builds them out. It works in partnership with owners and executives around a defined investment thesis.
Why now? The raise nearly doubles the firm's third fund, which closed at $350 million. Jerome Wallace, a partner, managing director and co-head of private capital advisory at William Blair, said TDP's "thesis-driven buy and build strategy in the lower middle market resonated with limited partners in a very crowded market."
The signal: A fund that is oversubscribed in under two and a half months signals continued LP appetite for focused lower middle-market buy-and-build managers, even as competition for capital tightens.
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