Manhattan Beach-based Pacific Avenue Capital Partners recently announced that it raised more than $1.65 billion in committed capital for its latest private equity fund and related investment vehicles.

Known as Fund II, the new fund is triple the amount garnered for its predecessor. It also includes about $117 million (or 100 million euros) so-called ‘sidecar vehicle,’ or specialized investment vehicle (SPV), which has been earmarked for European deals alongside the Fund II.

Together, the firm’s second fund and the SPV were each wrapped in a single closing and completed in less than four months.

“The overwhelmingly strong demand for Fund II and the European sidecar is a clear validation of our strategy,” said Chris Sznewajs, founder and managing partner of Pacific Avenue. “The successful and efficient fundraise is a testament to the quality of the Pacific Avenue team. The team’s disciplined execution of our strategy and emphasis on building meaningful relationships with sellers and management teams sit at the heart of our success. We look forward to scaling our strategy across a broader set of opportunities.”

First fund

Pacific Avenue, which also runs an office in Paris, focuses on corporate carveouts for middle market companies. The firm closed its first fund in April 2023, bringing in more than $500 million.

As of July 31, the firm had about $3.8 billion in total assets under management, according to the company.

Among the firm’s recent deals includes a June transaction when an affiliate of Pacific Avenue acquired FLSmidth Cement from its Danish parent company FLSmidth & Co. The transaction netted more than $171 million, according to PitchBook.

FLSmidth Cement will use the investment’s funds to continue developing its product line, said Jason Leach, a partner at Pacific Avenue Capital, in a statement in June.