Berkshire Partners Raises $7.8B for 11th Mid-Market Fund

Berkshire Partners, a Boston-based private equity firm, raised $7.8 billion for Berkshire Fund XI, its largest fund since inception in 1986.

Berkshire Fund XI continues the firm’s multi-sector middle market targeting strategy. The offering, which originally targeted $6.5 billion, underscores investors’ support for the long-running strategy, according to Berkshire. The fund series eyes consumer, healthcare, services and industrial, and technology and communications sectors.

“We are grateful to have received this level of support from a terrific group of sophisticated, global investors, both existing and new, as demand exceeded our original target fund size,” said Mike Ascione, managing director at Berkshire Partners, which is fully employee owned and manages roughly $29 billion in assets.

Over the course of 10 previous private equity funds, Berkshire has made more than 150 investments. Berkshire Fund X reportedly attracted just over $4 billion in assets.

Kirkland & Ellis LLP served as the legal counsel to Berkshire Partners.