Emerald Lake Capital Management Holds Final Close On New $825 Million Fund

SANTA MONICA, Calif., April 27, 2026 /PRNewswire/ -- Emerald Lake Capital Management ("Emerald Lake") today announced the final close of Emerald Lake Capital Partners ("the Fund"), which secured $800 million in capital commitments from unaffiliated limited partners at its revised hard cap, along with approximately $25 million from its general partner and other affiliated investors. The Fund was heavily oversubscribed and significantly exceeded its $500 million target and original $750 million hard cap. 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. Emerald Lake has now raised approximately $2 billion in committed capital since its founding in 2018.

Emerald Lake is led by its founder and Managing Partner, Dan Lukas, as well as Partner Russell Hammond, and is supported by a team of 13 additional professionals. Dan previously spent a decade at Ares Management, where he was a Partner and Investment Committee member in the Ares Private Equity Group. Russ previously spent 15 years at the Ontario Teachers' Pension Plan, where he was an Investment Committee member and led direct investments in the Industrials and Business Services sectors. 

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. Emerald Lake has completed ten platform investments to date, including two in the Fund, and four exits to date: Electrical Source Holdings, Inno‑Pak, MBO Partners, and US Salt.

 "We are grateful for the strong support from our limited partners, with investors representing the majority of our prior capital coming into the Fund, as well as the high quality additional limited partners who are investing with us for the first time," said Dan Lukas, Managing Partner of Emerald Lake Capital Management. "The success of this fundraise reflects the strength of our team, the continuity of our differentiated strategy, and the relationships we have built over many years with executives, founders, and investors."

PJT Park Hill served as exclusive placement agent and Kirkland & Ellis acted as legal counsel for the Fund.

About Emerald Lake Capital Management

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 emphasizes proprietary sourcing, growth orientation, and active partnership with management teams to scale high‑quality businesses over the long term.

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SOURCE Emerald Lake Capital Management