Auxo Investment Partners, a Grand Rapids, Mich.-based private equity firm, has raised the $50 million that was the hard cap for its initial offering, the firm announced recently.
The fund, Auxo Growth Holdings I, received the capital from family offices and institutional investors, said Auxo, which was founded in late 2016 as a long-term private equity firm.
Combined with direct co-investment from family offices and modest leverage, the inaugural fund will deploy approximately $150 million of equity in 10 to 15 companies over the next three years. So far it has invested more than $30 million of equity in four acquisitions, including a cutting die-manufacturing platform and a niche maritime transportation platform.
Auxo was created to partner with owners and management teams of companies at transition points, including owner-operators seeking retirement, entities seeking family succession planning solutions and leadership teams seeking capital for growth, the firm said. Auxo focuses on North America-based companies in the manufacturing, industrial, value-added distribution and business services industries with cash flows between $1.5 million and $15 million.
