Gridiron Scores with $2.1B Middle Market Buyout Fund

Gridiron Capital, a New Canaan, CT-based buyout firm focused on middle market North American companies, held the closing of its fifth fund, Gridiron Capital Fund V, and its affiliated funds at $2.1 billion, surpassing its target of $1.8 billion.

The raise is a 56% increase over its previous fund.

The latest fund is the largest in the firm’s history, with participation from returning and new investors, including pension funds, insurance companies, family offices, endowments, and foundations.

“Despite a challenging fundraising environment, many of our existing limited partners chose to not only reinvest but also increase their commitments in Gridiron V,” said Tom Burger, co-founder and managing partner.

Gridiron V will pursue control, equity investments in branded consumer, B2B and B2C services, and niche industrial businesses with total enterprise values ranging from $150 million to over $600 million, in line with the firm’s investment strategy in previous funds.

The fund is currently 40% invested in four platform firms and 16 add-on investments. Gridiron has invested in over 185 companies since its establishment in 2005, including 36 platform companies.