Private Equity Firm Invests in and Nurtures Multiple Franchises
- Princeton Equity Group raised $1.3 billion in a recent round of funding; the money will enhance its capabilities to invest in multi-location businesses, including franchisors.
- The round of funding topped Princeton Equity’s target of $875 million.
- Princeton Equity Group has invested in more than 30 franchisor and multi-location businesses during its 20-year history.
Princeton Equity Group, a private equity firm that specializes in investing in franchisors and other multi-location businesses, on Tuesday announced it had raised $1.3 billion in Fund III commitments. Fund III investing occurs after a private equity firm has scaled successfully with Fund I and Fund II rounds.
The New Jersey-based private equity firm’s Fund III was significantly oversubscribed in just two months, according to a Princeton Equity Group news release. This new round of funding more than doubled the firm’s Fund II round.
Fund III enjoyed strong support from Princeton Equity Group’s existing limited partners and also received commitments from new U.S. and international institutional investors. These new investors include pension plans, endowments, foundations, sovereign wealth funds, family offices, insurance companies and asset managers, the news release stated.
What Fund III Will Do
The Fund III investments will be used to further advance Princeton Equity Group’s strategy of taking long-term ownership stakes in high-potential multi-location companies and helping them scale. Along with an infusion of capital, Princeton Equity helps its partner companies by bringing them seasoned multi-ownership business expertise to guide growth; the private equity firm also deploys GrowthEdge™, its dedicated operating resource group, and FusionPoint™, a proprietary artificial intelligence-enabled technology.
During its 20-year history, Princeton Equity has taken ownership stakes in more than 30 franchisor and multi-location businesses, including Amped Fitness, Barry’s, D1 Training, Ellie Mental Health, European Wax Center, Five Star Franchising, KidStrong, Massage Envy, Pirtek, StretchZone and Strickland Brothers. Princeton Equity also has invested in the International Franchise Profressionals Group, which is the parent of FranchiseWire.com, Franchise Consultant Magazine and FranchiseBusinessReview.com. That investment relationship ended in July 2025 when IFPG became aligned with CNL Strategic Capital and Levine Leichtman Capital Partners.
Comments from Princeton Equity Group’s Partners
In the news release, Jim Waskovich, co-founder and managing partner of Princeton Equity Group, said his firm has partnered with superior, often founder-led management teams that are ambitious, capable and conscientious. “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.”
Doug Kennealey, also a Princeton Equity co-founder and managing partner, thanked the firm’s repeat and new investors who signed on for Fund III. “The fund marks a meaningful expansion of our investor base, particularly in Europe,” Kennealey said, “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.”
More about Private Equity
Using capital from large investors, private equity firms take ownership stakes in businesses with the goal of helping them increase in value. Once the businesses appreciate, the private equity firms sell them for a profit that is shared among the firm’s investors.
Statista.com predicts that private equity deals will be valued at $2.32 trillion globally this year. And it’s expected to reach $2.49 trillion in 2027, according to Statista.
Visit the Princeton Equity Group website for additional information about the firm and its team.
