About This Fund
CORE Industrial Services Fund I is the inaugural dedicated industrial services fund managed by CORE Industrial Partners, a Chicago-based private equity firm focused on lower middle-market industrial companies in North America. The fund closed at $202 million on February 14, 2024, raising capital alongside the firm's flagship CORE Industrial Partners Fund III ($685 million) in a combined $887 million raise across both vehicles. Services Fund I surpassed its initial fundraising target, reflecting strong institutional interest in CORE's new services-focused strategy.
Services Fund I pursues investments in the highly fragmented industrial services sector, targeting companies experiencing strong structural growth driven by North American reshoring trends and the proliferation of Industry 4.0 technologies across manufacturing and industrial operations. CORE's target service sub-sectors for Fund I include distribution services, equipment services and maintenance, environmental services, facility management services, and infrastructure services — areas where the combination of reshoring capital investment and advanced technology adoption is creating sustained demand for specialized service providers. Like CORE's flagship manufacturing strategy, Services Fund I focuses on control buyouts in the lower middle market, applying operational improvement expertise to fragmented sectors where buy-and-build consolidation creates additional value.
CORE Industrial Partners brings deep sector knowledge to the industrial services space, leveraging its existing network of operating executives, portfolio company relationships, and industrial sector expertise developed across its flagship manufacturing strategy. Managing Partner John May leads the firm from offices in Chicago, Austin, and Cleveland. Limited partners across both Fund III and Services Fund I include endowments, foundations, insurance companies, public and corporate pensions, global asset managers, investment advisers, and family offices across North America and Europe.