About This Fund
ABRY Heritage Partners II, L.P. is the second fund in ABRY Partners' lower middle market Heritage strategy, having closed at $605 million in 2021 — approximately 15% larger than its predecessor, ABRY Heritage Partners, L.P., which raised $525 million in 2016. The fund is managed by ABRY Partners, LLC, a Boston-based private equity firm founded in 1989 that has completed over $90 billion in leveraged transactions across more than 550 properties. ABRY Partners maintains offices in Boston, Charlotte, and London and manages approximately $5.4 billion in active capital across four distinct fund strategies.
Heritage II pursues controlling equity positions in lower middle market companies with enterprise values between $20 million and $150 million, deploying equity checks of $20 million to $60 million per transaction. The fund targets founder-led and family-owned businesses with limited prior exposure to institutional capital, emphasizing recurring revenues, high free cash flow generation, and high barriers to competitive entry. Core verticals include insurance and financial services, accounting and business advisory services, healthcare IT and services, outsourced professional services, managed IT services, and media — all within ABRY Partners' established sectoral expertise built across 35 years.
As of mid-2026, Heritage II is actively deploying capital from its 2021 vintage, with approximately 80% deployment expected by end of 2026. The fund's active portfolio includes 17 companies such as Ascend Healthcare, Best Lawyers, Blue Mantis, Burgess Hodgson (UK), Dynasty Financial Partners, NetNumber, Oracle RMS (Canada, 2025), Screen Vision Media, and Turnberry Solutions. The fund has already achieved seven realized exits including AddSecure, Aftermath, Innovisk, Lighthouse Autism Center, Nuspire, SiteLock, and Socius, reflecting ABRY's active consolidation playbook in insurance distribution, accounting services, and managed IT.