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Alternative Assets  + Private Equity  |  December 6, 2023
AlpInvest Leads $1.3B Kinderhook Continuation Fund
By: Joe Palmisano

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.

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Kinderhook Industries LLC.

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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