(Bloomberg) -- Shore Capital Partners, a Chicago-based private equity firm led by Justin Ishbia, closed on $1.9 billion for three new funds, two of which will focus on expanding beyond the company’s traditional sphere of small-business investment.
The commitments are spread across a health care-oriented fund and a vehicle focused on searching for micro cap deals, as well as the firm’s second fund focused on business services such as technology, software and logistics, according to a statement Monday. The deals bring Shore’s assets under management to $9.1 billion.
Founded in 2009, Shore focuses on investments in companies with between $1 million and $10 million in earnings before interest, taxes, depreciation and amortization, according to its website. The money for the latest funds comes from existing and new partners, and includes university endowments, pension funds, insurance companies and the firm’s own partners.
“The completion of these fundraises reflects a continuation of our lower-middle market focus, while also innovating for expansion opportunities,” Ishbia, Shore’s managing partner, said in the statement. “We are grateful for the strong support from our existing limited partners and new strategic partners amidst a challenging economic backdrop.”
Ishbia is part of a group led by his brother Mat Ishbia that owns a majority of the National Basketball Association’s Phoenix Suns. Mat Ishbia is worth an estimated $7 billion, according to the Bloomberg Billionaires Index.
(Updates with additional Ishbia comment in fourth paragraph. An earlier version of this story was corrected to remove reference in the second paragraph to the health-care fund being the firm’s first for the industry.)
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