Brass Ring Capital has completed fundraising for its second private equity fund, called RCP Fund II.
Led by Steven Peterson in Milwaukee and David Raffel in Minneapolis, Brass Ring has secured $28.3 million of capital commitments for the fund over the last eight months. RCP Fund II includes both new and original investors.
The private equity firm, which was started in 2004, raised $14 million that year for its first fund, Renovare Capital Partners.
Brass Ring plans to invest RCP Fund II in ownership transitions of profitable, established Midwestern businesses in the business services and manufacturing industries with between $1 and $5 million EBITDA.
The firm now manages $42 million in committed capital from more than 60 investors. It focuses on private company buyouts and recapitalizations, family succession, corporate divestiture, growth financing and competitor acquisitions.
Brass Ring has invested in 25 small companies, including a recapitalization and exit at Franklin Energy Services LLC in Port Washington and a buyout and exit at IGC Technologies LLC in Milwaukee.
