Dallas-based private equity firm CenterOak Partners LLC has achieved a significant milestone with the successful closure of its latest private equity fund, CenterOak Equity Fund III LP. The fund, which secured over $1.1 billion in total commitments, exceeded its target and hit its hard cap on Monday.

CenterOak $1.1 Billion Fund III Closed: Fund Surpasses Expectations

The third installment of CenterOak’s equity fund program dramatically outpaced its predecessor, which closed in April 2021 with $690 million—well above its initial $575 million goal. This latest fund's oversubscription underscores a robust demand and investor confidence in CenterOak's investment strategy.

“The overwhelming response to Fund III highlights the expertise and strategic acumen of our team,” said Jason Sutherland, co-managing partner at CenterOak. “Our focused, theme-driven investment approach and unique sourcing capabilities enable us to identify promising opportunities within expansive and fragmented markets. We remain committed to empowering families, founders, and skilled executives to build impactful enterprises.”

Strategic Investment Focus

With around $2.5 billion in equity capital commitments under management, CenterOak specializes in control-oriented investments across middle-market companies. The firm targets sectors including business services, industrial services, and consumer services. Notable current portfolio companies include Entomo Brands, HomeTown Services, Guardian Access Solutions, and Turf Master Brands, each serving essential and recurring needs in their respective markets.

CenterOak $1.1 Billion Fund III Closed: Broad Support for Fund III

A substantial portion of the capital for Fund III was provided by existing institutional investors, but the fund also attracted support from new global limited partners, including public and private pensions, endowments, and foundations. This diverse investor base contributed to the rapid and successful completion of the fundraise.

“We are grateful for the robust backing from our limited partners, which enabled us to close Fund III swiftly,” said Randall Fojtasek, CEO and co-managing partner of CenterOak. “This successful close reaffirms our rigorous investment process and our team's dedication to generating value for both our investors and management teams.”

Kirkland & Ellis Advisors

CenterOak was advised by Kirkland & Ellis LLP, with the investment funds team led by partners John Senior and Laura Stake, and tax partner Steve Butler.

The successful closure of CenterOak Equity Fund III marks a notable achievement for the Dallas firm, reinforcing its position in the competitive private equity landscape and setting the stage for continued growth and strategic investments.