About This Fund
Industrial Growth Partners V, L.P. is an $800 million middle-market private equity fund managed by Industrial Growth Partners (IGP), a San Francisco-based private equity firm founded in 1997 and focused exclusively on acquiring and building industrial businesses across North America. The fund closed in May 2016, bringing IGP's total equity capital raised since inception to $2.2 billion, and succeeded three prior funds that collectively established IGP as one of the most active dedicated industrials-focused private equity managers in the United States. Fund V continued IGP's core mandate of partnering with experienced management teams to create value in niche industrial manufacturing businesses.
Industrial Growth Partners V employs a buyout and growth capital strategy targeting middle-market industrial manufacturing businesses, with particular expertise in engineered products, precision manufacturing, specialized materials, and industrial technology. The fund pursues acquisitions through management buyouts, leveraged buyouts, corporate divestitures, and recapitalizations, typically serving as a control investor in industrial businesses with revenues of $50 million to $500 million in North America. IGP's value creation approach combines operational improvements, add-on acquisitions, and management capability enhancements to drive compounding returns in a sector where specialized operating expertise creates meaningful differentiation from generalist buyout funds.
Industrial Growth Partners V invested in nine companies across the industrial sector, including APCT (advanced printed circuit boards) and AEM Group, demonstrating the fund's focus on technology-intensive industrial niches with defensible market positions and strong competitive moats. Fund V's successful execution, generating returns in line with IGP's established track record of over 40 industrial company investments, paved the way for the $1.2 billion Fund VI closed in August 2022, which reflected continued LP confidence in IGP's differentiated industrial private equity approach. Fund V drew both returning institutional LPs and select new investors, reinforcing IGP's reputation as the preeminent specialist in North American middle-market industrial buyouts.