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Axia Capital Partners is raising a second fund, an investing partner at the firm confirmed today. The Burlington-based industrial technology small buyout and recap firm has a goal of raising $30 million to $50 million by next May, according to managing director James Pelusi.
So far, it has banked $11.5 million from its limited partners, U.S. Securities and Exchange Commission filings show. Most of the LPs from its first fund have returned – if they have capital to allocate for alternative investments, Pelusi said. Some of those are bringing in new investors as well.
Axia’s first fund, which closed in 2003 at about $10 million, produced a net internal rate of return (IRR) of more than 30 percent for investors, Pelusi said.
The firm invests in companies with revenues of $5 million to $30 million when it sees an opportunity to improve the business. With two investing partners – Pelusi and managing director Peter Hunter – Axia takes an active management role in portfolio companies, Pelusi said.
“If they’re not looking for an active investor they shouldn’t be talking to us,” he said.
Axia frequently syndicates with other firms, adds bank leverage, or brings in limited partners to coinvest in deals, Pelusi said.
Axia’s fund I portfolio includes Fiberoptic Components LLC, Hydroid LLC, Innovative Pressure Technologies LLC, Network Vision and Segue Manufacturing Services LLC, according to the firm’s website.
Hydroid was the portfolio’s big win, Pelusi said. Norwegian marine electronics maker Kongsberg Maritime AS, a division of Kongsberg Gruppen AS, acquired the Pocasset-based maker of autonomous underwater vehicles last June for $80 million.
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