AlpInvest Leads $1.3B Kinderhook Continuation Fund
Kinderhook Industries LLC, a middle-market private equity firm, has closed a $1.3 billion continuation fund capitalized by AlpInvest Partners, a subsidiary of Carlyle and a group of limited partners.
The continuation fund was established to acquire the nine portfolio companies in New York-based Kinderhook’s fourth and fifth funds. The $1.3 billion fund includes $300 million of unfunded capital to drive organic growth initiatives and strategic acquisitions at these companies.
“This is a very exciting transaction for Kinderhook and our investors. It caps off what we view as an exceptional year for our firm. In 2023, we closed six portfolio company realizations, returning about $1 billion of capital to our investors. Combined with this CV transaction, Kinderhook has returned over $1.8 billion of capital to our investors this year,” said Rob Michalik, managing director at Kinderhook.
Founded in 2003, Kinderhook specializes in middle-market control investments in healthcare services, environmental & business services and automotive & light manufacturing sectors. The firm has raised over $5 billion across seven private equity funds and has completed over 400 platform and add-on investments since inception.
Aviditi Advisors served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Kinderhook. Ropes & Gray LLP served as legal counsel to AlpInvest.