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Norwest Capital Closes on Total in Excess of $1.4 Billion Across Two Funds

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Norwest Equity Partners XI and Norwest Mezzanine Partners V Welcome New Institutional Investors

MINNEAPOLIS & WEST PALM BEACH, Fla., July 8, 2024-- Norwest Capital Advisors (“Norwest Capital” or “the Firm”) today announced that the Firm has closed Norwest Equity Partners XI, LP and Norwest Mezzanine Partners V, LP (“the Funds”) with approximately $1.0 billion and $400 million of committed capital, respectively. The Firm welcomes several large institutional investors as limited partners in the Funds, demonstrating strong support for the Firm’s market-tested strategies in middle market buyouts and mezzanine.

The Norwest Capital team is already actively deploying both funds. Norwest Equity Partners XI has completed three investments, each consistent with its operationally focused strategy of helping good businesses become market champions in their sectors. Norwest Mezzanine Partners V has completed one investment, continuing its focus on delivering creative transaction solutions to support the long-term growth of companies backed by financial sponsors.

“We are grateful to our new limited partners for their trust in Norwest Capital,” said Partner and Chief Operating Officer Brian Allingham. “With these new funds, we aim to build on our multi-decade track record and continue applying our long-term, sustainable mindset to enable the growth of industry leaders.”

Managing Partner Tim DeVries added, “We’re pleased to see this demand for our thoughtful and partnership-driven approach across our two distinct investment platforms and strategies. We look forward to continuing to deliver on our Firm’s established reputation as a leader in middle market investing.”

Kirkland & Ellis LLP acted as legal counsel, and Lazard acted as exclusive placement agent for the two funds.

About Norwest Capital

Norwest Capital Advisors is a registered investment advisor to the Norwest Equity Partners and Norwest Mezzanine Partners funds.

Norwest Equity Partners (NEP) seeks to invest in growing and profitable middle-market companies across the business and consumer services, consumer products and industrials sectors. NEP has a multi-decade track record of creating opportunities, jobs, and value by finding and fueling what’s working in successful companies to help build them into industry leaders. NEP takes a respectful, collaborative approach that sets it apart from other capital sources.

Norwest Mezzanine Partners (NMP) invests subordinated debt and equity capital in partnership with financial sponsors. NMP focuses on making investments in private equity-backed companies across a broad range of industries, including business services, consumer, industrials and healthcare. For over 20 years, NMP has worked as committed, thoughtful investment partners who deliver creative and flexible transaction solutions.

Norwest Equity Partners
Jordan Niezelski, Edelman Smithfield

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