Percheron Capital Closes $1.55B Sophomore Fund

Golden Gate Capital alums Chris Collins and Chris Lawler closed their $1.55 billion second fund, Percheron Capital Fund II, at their San Francisco-based private equity firm Percheron Capital.

Fund II was oversubscribed and closed at its hard cap. Percheron’s previous fund closed at its $770 million hard cap in September 2021, taking just eight months.

The firm focuses on control investments in essential services businesses “with superior operating models in resilient and fragmented markets.”

Percheron announced an interim close for the fund in November 2023 at $1.23 billion, a significant announcement during a tough fundraising season for private equity funds. With the close of its latest fund, its assets under management will exceed $3 billion.

“The significant interest in Fund II reflects the quality of our team, strategy and outcomes,” said Chris Lawler, co-founder and managing partner at Percheron. “We deeply appreciate the trust placed in us by our investors and are committed to delivering exceptional results.”

Percheron has been involved in a number of transactions recently, including a 50 unit deal with Caliber Car Washes in December, as well as acquisitions of Lookout Pest Control and Any Pest in June.

Chris Collins, co-founder and managing partner, and Lawler each spent more than a decade at Golden Gate, leading investments in multi-site services sectors as well as doing deals in real estate and technology.