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Emerald Lake Capital Management has announced the final close of Emerald Lake Capital Partners at $825 million in total capital commitments — comprising $800 million from unaffiliated limited partners at the revised hard cap, alongside approximately $25 million from the firm’s general partner and other affiliated investors. The closing was announced on April 27, 2026. The Fund was heavily oversubscribed and significantly exceeded its $500 million target as well as its original $750 million hard cap, underscoring strong institutional appetite for Emerald Lake’s differentiated lower middle market strategy. With this close, Emerald Lake has now raised approximately $2 billion in committed capital since its founding in 2018.
The Fund attracted a diverse mix of existing investors from Emerald Lake’s prior investments, alongside new leading institutional investors across North America and Europe. The high re-up rate from existing LPs — combined with the addition of high-quality new institutional investors — reflects sustained institutional confidence in the firm’s strategy, team, and track record. Dan Lukas, Managing Partner, expressed gratitude for the strong support, noting that the success of the fundraise reflects the strength of the team, the continuity of the firm’s differentiated strategy, and the relationships built over many years with executives, founders, and investors.
The Fund will continue Emerald Lake’s strategy of working with successful executives to source proprietary investments where the firm can help drive meaningful growth, primarily in founder-owned companies in the North American Industrial and Services sectors. The firm has completed ten platform investments to date, including two in the new Fund, and four successful exits — Electrical Source Holdings, Inno‑Pak, MBO Partners, and US Salt — providing a robust track record of value creation across cycles.
Emerald Lake is led by its founder and Managing Partner, Dan Lukas, alongside Partner Russell Hammond, and is supported by a team of 13 additional professionals. Lukas previously spent a decade at Ares Management, where he was a Partner and Investment Committee member in the Ares Private Equity Group. Hammond previously spent 15 years at the Ontario Teachers’ Pension Plan, where he served as an Investment Committee member and led direct investments in the Industrials and Business Services sectors. Together, the team brings deep institutional pedigree and sector expertise that has anchored the firm’s differentiated approach since launch.
PJT Park Hill served as exclusive placement agent on the Fund, and Kirkland & Ellis acted as legal counsel.
Emerald Lake Capital Management is a private equity firm focused on control and shared‑control investments in North American industrial and services companies. The firm emphasises proprietary sourcing, growth orientation, and active partnership with management teams to scale high‑quality businesses over the long term. Founded in 2018, Emerald Lake has now raised approximately $2 billion in committed capital across its funds and has completed ten platform investments and four successful exits to date.
