Seaport Capital Partners has closed its Seaport Capital Partners V with $230 million in equity commitments.
Fund V was oversubscribed, surpassing both its target and hard cap.
Fund V will adhere to Seaport's 20-year investment approach, focusing on lower middle-market investment opportunities in the communications, business and information services, and media sectors.
The fund will make equity commitments of between $10 and $25 million in companies with recurring revenue business models and demonstrable unit economics characteristics that operate in growing or fragmented industries. Seaport will continue to pursue primarily control-oriented investments and seek to partner with talented founders and management teams to help grow businesses organically and through acquisition.
Fund V has called more than $67 million to date and has made investments in three platform companies: Quatris Health, a provider of software and services to small and medium-sized physician practices; i3 Broadband, a fiber-to-the-home provider operating in Peoria and Champaign-Urbana, IL; and Keg Logistics, a leasing and logistics company servicing the craft beer industry.
Seaport has deployed an additional $33 million of co-investment capital across the Fund V investments.
Fund V's investor base consists of institutional investors, family offices and endowments, and high net worth individuals. Fund V also received commitments from current and former portfolio company management teams and owners of prior Seaport portfolio companies.