CID Capital Announces Oversubscribed Fund IV

Cory Heck and Eric Derheimer to Become Co-Managing Partners in 2025

INDIANAPOLIS, Oct. 14, 2024 /PRNewswire/ -- CID Capital, an Indianapolis-based private equity firm focused on the lower middle market, is pleased to announce the closing of its fourth buyout fund ("Fund IV"). Fund IV had a first and final close at the hard cap of $250 million, finishing well above the $200 million target. The investor base for Fund IV generally consists of institutional fund-of-funds, insurance companies, RIAs, endowments and family offices.

"We are incredibly grateful and humbled by our long-term investor relationships and are equally excited by the new investors that placed their trust in us with Fund IV," said Cory Heck, a CID partner who led the fundraise.

"The entire CID Capital team is thankful for the commitment and support of our investor base. We are excited to have quickly concluded fundraising and resumed our efforts identifying compelling investment opportunities in the lower-middle market," said Steve Cobb, CID's managing partner. "Cory's leadership of the fundraising efforts, with the tireless support of our CFO Debbie Morgan and the entire CID Capital team, directly contributed to the success of this fund raise."

"Our strategy remains unchanged," said Eric Bruun, a CID partner. "We are an industrial-focused, first institutional capital investor. We have a process and approach that appeals to owners, management teams and advisors. We believe this continued strategy appealed to our investors, as evidenced by our oversubscribed, first and final close."

CID was represented by Kirkland & Ellis and did not utilize a placement agent.

CID Capital is also pleased to announce the elevation of Eric Derheimer and Cory Heck to co-managing partners effective January 1, 2025.

Since joining the firm in 2014, Derheimer has played a critical role in creating and realizing value in CID's portfolio companies. He has also played a key role in CID's recruiting and development efforts. As such, in addition to Investment Team responsibilities, Derheimer will lead all firm operations beginning in 2025.

"I am incredibly excited for this new opportunity and thankful for all the support along the way," Derheimer said. "The success that we have achieved is a direct result of the team that we have recruited and the culture that we have created together. I can't wait to lead this group alongside Cory."

After joining the firm in 2014, Heck has been instrumental in identifying, closing and realizing value in multiple portfolio companies. He also played a key role in raising Fund III and led the fundraise for Fund IV. In addition to Investment Team responsibilities, Heck will continue leading Investor Relations.

"Eric and I were fortunate to join a strong team 10 years ago – one that mentored and challenged us along the way," said Heck. "Now, I am very proud of the firm, team and investor base we've collectively developed over our 10 years, and it is Eric's and my goal to keep improving."

In conjunction with Derheimer's and Heck's promotions, CID's current managing partner Steve Cobb, will move to a senior partner role where he will focus on the current investment portfolio and various transition initiatives in anticipation of a December 2025 retirement.

"I have had the pleasure of working alongside Eric and Cory for the last decade and over my nearly 25 years at CID Capital I can say confidently the future has never looked brighter," said Cobb. "As a firm we have invested critical time into developing and promoting our team and this elevation of responsibility recognizes the strong contributions and leadership strengths Eric and Cory exhibit. It also marks an important milestone in our ongoing succession planning efforts which we believe have afforded our investors long-term strategic focus and leadership stability."

About CID Capital

CID Capital is a long-standing private equity firm that makes control investments in high-quality, lower-middle market companies that have shown a track record of success. For companies that have reached a performance level that finds them transitioning beyond being an entrepreneurial business, CID delivers the planning, experience, resources, and capital to overcome critical constraints and build long-term value.

This message does not constitute tax or legal advice or an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Past performance does not guarantee future returns. None of the persons mentioned in the announcement were compensated for their remarks.

SOURCE CID Capital