About This Fund
CORE Industrial Partners Fund III is a $685 million lower middle-market private equity fund focused exclusively on control equity investments in North American manufacturing and industrial technology companies. Managed by CORE Industrial Partners, a Chicago-based firm with additional offices in Austin and Cleveland, Fund III completed its final close on February 14, 2024, simultaneously with the closing of the firm's inaugural industrial services vehicle, together raising $887 million in combined new capital commitments and bringing the firm's total LP commitments since founding to over $1.58 billion.
Fund III continues CORE's flagship buyout strategy, targeting companies with revenues up to $200 million and EBITDA up to $20 million across specialty verticals within North American manufacturing and industrial technology. The fund pursues control equity investments of up to $100 million per platform, employing an operationally driven value creation approach that partners with business owners and management teams to accelerate organic and acquisitive growth. The investment thesis is anchored in the structural reshoring of North American industrial capacity, the proliferation of Industry 4.0 technologies including automation, robotics, and advanced manufacturing, and the generational ownership transition occurring across the fragmented lower middle-market industrial base.
CORE Industrial Partners Fund III builds on successor funds that have grown consistently: Fund I ($230 million, closed February 2019) and Fund II ($465 million, closed February 2021). The fund attracted a diversified institutional LP base including university endowments, insurance companies, public and corporate pension funds, foundations, global asset managers, investment advisers, and family offices across North America and Europe. The raise was placed by Harris Williams Private Capital Advisory and structured by Kirkland and Ellis LLP.