NewRoad Capital Partners of Rogers, the state’s largest private equity fund, has closed its third fund at $176 million, according to a Wednesday (Oct. 7) news release, raising assets under management (AUM) to $375 million.
NewRoad Fund III focused on the U.S. supply chain and logistics and retail and consumer packaged goods sectors, according to the release.
“We are extremely proud to have the support of an incredible group of investors,” managing partner and co-founder Clete Brewer said in a statement. “We are thrilled to be able to continue to build off the success we have had to date in the fund. As we execute against our strategy in the current market, we are excited by the opportunities we see to add value for portfolio companies and LPs alike.”
The fund’s investors included institutional investors, family offices and high net worth individuals, according to the release.
NewRoad invests in lower middle-market growth equity investments and growth buyouts. As of Sept. 30, 2020, the third fund has invested in four companies: Bardavon Health Innovations LLC, a physical medicine clinical analytics platform for workers’ compensation (Overland Park, Kan.); Platform Science Inc., a developer/integrator of hardware solutions, software solutions and IoT infrastructure for the transportation industry (San Diego, Calif.); EmergeTech LLC, a freight logistics company that helps shippers connect with carriers on its digital freight marketplace (Phoenix, Ariz.); and, New York Shipping Exchange Inc., a developer of an electronic trading platform offering digital forward contracts for global container shipping (New York, N.Y.).
Brewer, Jeremy Wilson and Doug Degn founded NewRoad in 2013.