DLA Piper advises Northrim Horizon in closing US$153 Million Fund II

DLA Piper advised Northrim Adviser, LLC (Northrim) in the successful closing of Northrim Horizon Fund II, L.P. (Fund II) with US$153 million of committed capital. The oversubscribed fund surpassed its target of US$120 million and exceeded the size of its predecessor fund by over 300 percent.

Fund II will focus on partnering with well-run, profitable, enduring platforms within attractive sub-sectors, including business services, software and tech-enabled services and healthcare services.

"It was a privilege to advise Northrim on its successful Fund II fundraise,” said Yoni Tuchman, the DLA Piper partner who led the fund formation team. “Our team was pleased to deploy our extensive private equity fund formation capabilities to this oversubscribed raise. We are grateful to our good friends at Northrim for entrusting us with this milestone fund formation, allowing us to showcase not only our leading emerging manager practice but also our versatility in dealing with one-of-a-kind permanent capital structures."

"We are excited to announce the completion of Fund II and grateful for the support of our investors as we continue to pursue our mission of investing in and building exceptional businesses," said Brad Gulbrandsen, Managing Partner of Northrim Horizon. "DLA Piper’s team was an invaluable partner in the process - bringing thoughtful, strategic advice that positions our firm for continued success." 

In addition to Tuchman (Los Angeles), the team included partners Aalok Virmani (Chicago) and Kevin Bettsteller (Los Angeles) and associates Christine Wilson (Miami), Michael Huseby (Seattle) and Matthew Seafield (Chicago).

The firm’s global investment funds team provides a dynamic, integrated service to sponsors, fund managers and institutional investors, supported by the firm’s international tax and regulatory networks. The team advises clients on the full spectrum of private investment funds, all major investment strategies and all stages of a private investment fund's life cycle.