American Industrial Partners Amasses $5B for 8th Fund

American Industrial Partners, a New York-based industrial-focused private equity firm, closed its oversubscribed eighth fund, American Industrial Partners Capital Fund VIII, L.P., at its hard cap of $5 billion.

Backers of the new fund include a $150 million commitment from the Massachusetts Pension Reserves Investment Management Board; a $150 million allocation from the New Jersey Division of Investment; and $50 million from the Texas Employees’ Retirement System.

The fund will focus on operational improvement and earnings growth at industrial companies with enterprise values up to $2 billion. The firm looks to take control positions in businesses with sales greater than $500 million and EBITDA of up to $350 million, based in the US, Canada and other developed markets.

AIP manages $16 billion, and it reports aggregate annual revenues of approximately $28 billion across 240 manufacturing, distributions facilities and portfolio companies it owns.

The firm targets industrial businesses with end-markets including aerospace and defense, automotive, building products, chemicals, logistics, metals & mining, and transportation.

Acalyx Advisors, which worked on Fund IV, V, VI and VII, again acted as a placement agent, as did Finex Hong Kong. Simpson Thacher & Bartlett served as legal counsel.