New Jersey-Based Private Equity Firm Now Manages More Than $1 Billion in Assets
Princeton Equity Group LLC (“Princeton”), a private equity firm focused on control investments in franchisor and multi-unit companies, has closed its Princeton Equity Partners II L.P. with $575 million in total commitments, exceeding the target it had set – $475 million – reaching its hard cap. Princeton has offices in Princeton, N.J., and Dallas.
Princeton raised the investments during about a five-month period. This fund was oversubscribed with commitments from both U.S. and foreign investors. Money came from endowments, foundations, insurance companies, asset managers and more. Princeton’s first fund has $352 million in commitments; its final close occurred in June 2021.
About Princeton Equity Group
Jim Waskovich and Doug Kennealey are the co-founders and managing partners of Princeton. The firm primarily seeks partnerships with founders and management teams of leading franchisor and multi-unit companies across a variety of end markets. Princeton has investments in high-profile franchise companies, including Five-Star Franchising, an umbrella franchisor of home services brands, and IFPG, a leading franchise broker and consulting network.
In the news release, the firm stated that it views all investments as long-term, supportive business partnerships with founders and management teams to help build companies’ values.
Kirkland & Ellis LLP was legal counsel and Aviditi Advisors was exclusive placement agent and adviser for growing the fund.