NEW ORLEANS – Carr’s Hill Capital Partners Management, LP, a New Orleans-based private equity firm, announced the final closing of its inaugural fund, Carr’s Hill Fund I, LP, at $210 million—exceeding its $175 million target in just nine months.
The oversubscribed fund attracted commitments from both existing and new institutional investors, including endowments, insurance companies, asset managers, and family offices. This means they now have a pool of money to invest further in their chosen area of small to mid-sized companies, particularly those run by families or founders in industries like construction, infrastructure, and industrial services.
“The lower-middle market, especially throughout the Southeastern U.S., remains a very attractive segment of the market,” said H. David de Lauréal, Founder and Managing Partner. “We are grateful for the continued support of our investors and proud of the disciplined approach of our growing team at Carr’s Hill. Our inaugural raise positions us to accelerate our strategy of providing not just funding but strategic and operational support to build enduring businesses in the true lower-middle market.”
Founded in 2019 by de Lauréal, Carr’s Hill transitioned from an independent sponsor to launching Fund I, continuing its focus on family-led and founder-led companies in the industrial and infrastructure services sectors. The fund will invest in businesses with $5 million to $15 million of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), particularly in the Southeastern U.S., leveraging Carr’s Hill’s hands-on approach and regional expertise to drive growth.
This successful fundraising effort shows that investors have confidence in Carr’s Hill’s approach. With a growing team and multiple investments already in place, they plan to continue partnering with companies that have strong potential but need support to reach the next level.
Carr’s Hill has expanded to a team of 10, with four active platform investments and nine add-on acquisitions. Its investment strategy centers on the Gulf Coast’s economy, partnering with companies poised for sustainable expansion.
For the Carr’s Hill Fund I, LP, financial firm Piper Sandler & Co. served as the exclusive placement agent. Founded in 1895 and headquartered in Minneapolis, Piper Sandler & Co. is a leading investment bank that provides advisory, capital markets, and asset management services, specializing in mergers and acquisitions, equity and debt financing, and institutional investments.
Legal counsel was provided by Latham & Watkins LLP, a global law firm known for providing legal services across various industries, specializing in corporate transactions, litigation, and regulatory matters.
The Carr’s Hill Partners each have deep roots in the Gulf Coast with experience in lower middle-market industrial investments. The Management team includes H. David de Laureal, Managing Partner; Amy Cohen, CPA, CFO/CCO; Tyler Houin, Principal; Michael Gude, Vice President; Travis Rachal, Head of Business Development; Andrew Kern, Senior Associate; Praveen Ashokkumar, CFA, Associate; Devin Lockett, Associate; and Executive Advisors Steve Nathanson and Declan Rushe.
Their goal is not just to provide funds but also to help businesses grow by offering strategic guidance and operational support. It operates out of a single office in New Orleans, reflecting its strong commitment to local expertise and partnership.
“Physical proximity to our Gulf Coast business partners facilitates closer collaboration, allowing our firm to actively participate in management discussions, provide in-person strategic guidance, and address issues in real-time,” they said in a statement.
“Carr’s Hill brought more than just capital to the table – they brought expertise and a commitment to growth that transformed our business,” said Shaw Matthews, Founder of Matthews Brothers Dredging. “I couldn’t have asked for a better partner in this journey.”
