Aurora Capital Group has collected around $650 million for its fifth flagship fund, which is targeting $800 million, according to a person with knowledge of the firm.
Fund V has a hard cap of $1 billion, the person said. Founded in 1991 by Gerald Parsky, assistant secretary of the U.S. Treasury during the Ford administration, the firm could hold a final close at the end of the second quarter, the person said.
The firm was expected to hold a first close in January, but it’s not clear if that happened. Park Hill Group is working as placement agent on the fundraising.
Aurora Capital is targeting less than the $900 million it raised for Fund IV, which closed in 2012. Fund IV generated a 13.12 percent net internal rate of return and a 1.28x net multiple as of June 30, 2015, according to alternative assets data provider Bison.
The Los Angeles-based firm invests in growing middle-market companies.
The firm’s leadership team includes Chairman Parsky and Partners Timothy Hart, Josh Klinefelter, John Mapes, Michael Marino and Mark Rosenbaum.
Two partners from Fund IV have left the firm: David Alpern left in 2012 to join Varsity Healthcare Partners as a partner, while William Coughlin left in 2014 to join OMERS Private Equity as a managing director.
Aurora Capital also manages special situations funds known as Aurora Resurgence funds. The firm is expected to launch its third Resurgence fund this year.
Aurora Resurgence Fund II acquired four portfolio companies from the first Resurgence fund to provide existing LPs liquidity. LPs were offered the change to roll their interests into the second fund or sell out, according to a summary from consultant NEPC.
Action Item: Learn more about Aurora Capital here: http://www.auroracap.com/.
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