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Alternative Assets  + Private Equity  | 
Northrim Horizon Raises $153M for Sophomore Fund, Tripling Size of Debut Fund

Northrim Horizon Raises $153M for Sophomore Fund, Tripling Size of Debut Fund

Private equity firm Northrim Horizon hit a $153 million final close for its second fund – Northrim Horizon Fund II, L.P -, above its $120 million target.

The new vehicle is more than triple the size of Northrim’s debut fund and will continue to target deals in the business, software and tech-enabled and healthcare services.

Arizona-based Northrim said the latest fund benefitted from strong re-up rates from returning investors, while adding new institutional investors including leading fund-of-funds, insurance companies and family offices.

“We are excited to announce the completion of Fund II and grateful for the support of our investors as we continue to pursue our mission of investing in and building exceptional businesses,” said Brad Gulbrandsen, Managing Partner of Northrim.

Over the past three years Northrim has invested in 20 service companies, including five platforms and 15 strategic add-on acquisitions.

Fund II has already made its first platform investment in ITC In-Home Personal Care, a provider of non-medical home care and community-based services to elderly and intellectually and developmentally disabled clients in Arizona.

Northrim targets mature, cash-generative businesses with EBITDA between $1 million and $5 million.

DLA Piper served as legal counsel.

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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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