Princeton Equity Group (Princeton), a private equity firm focused on partnering with leading franchisor and multi-location businesses, has announced the first and final closing of Princeton Equity Partners III, L.P. (Fund III), with $1.3 billion in total commitments.
Princeton, which has invested in a range of active lifestyle franchise businesses, including Amped Fitness, D1 Training, KidStrong, Massage Envy, and StretchZone, said Fund III was “significantly oversubscribed” in just two months and is more than twice the size of its predecessor.
The fund reportedly received substantial continued support from Princeton’s existing limited partners alongside new commitments from U.S. and international institutional investors, including pension plans, endowments, foundations, sovereign wealth funds, family offices, insurance companies and asset managers.
“We’re grateful for the continued support of our existing investors and pleased to welcome new institutional partners to Fund III,” said Doug Kennealey, co-founder and managing partner, Princeton Equity Group. “The fund marks a meaningful expansion of our investor base, particularly in Europe, along with new relationships with global consultants and leading endowments. We see this support as confirmation of both our longstanding partnerships and Princeton’s differentiated position with institutional investors globally.”
Fund III will continue the strategy Princeton’s team has pursued since 2006. Princeton seeks to partner with talented entrepreneurs who have outstanding companies and then support them with the Princeton’s capital, extensive industry expertise, the GrowthEdge dedicated operating resource group, and the proprietary AI-enabled technology platform utilized by the Firm, FusionPoint.
“For nearly two decades, our team has partnered with high-quality, often founder-led, management teams who care deeply about building market-leading, franchisor and multi-location businesses,” said Jim Waskovich, co-founder and managing partner, Princeton Equity Group. “These companies combine great people, strong unit economics, recession resiliency, and an ability to stand the test of time. Fund III gives us an even greater ability to support these kinds of businesses and their leaders.”
Lazard served as exclusive placement agent for Fund III. Proskauer Rose LLP served as legal counsel to Princeton.
Image courtesy Princeton Equity Group
