Bridge Growth debut fund nearly one-third of way toward $1 bln target

Buyouts previously reported that the fund has a $1 billion target, but a source familiar with the firm could not confirm if that is still the case.

Two recent SEC filings show that the firm has raised a combined total of $310.28 million across two vehicles: $212.77 million for its main fund and $97.51 million for a “parallel fund.”

The firm held a first close on about $250 million last September, Buyouts reported at that time.

Bridge Growth focuses on mid-market companies in software and technology as well as specialty finance. It plans to make equity investments between $75 million and $100 million in companies with valuations ranging from $250 million to $750 million, Buyouts previously reported.

The firm declined to comment on the fundraising.

The source said the GP plans to commit $40 million to the fund, as Buyouts previously reported.

The fund’s limited partners include institutional investors, pension funds and family offices, said the source. No placement agent is being used.

This past January, Bridge Growth completed its acquisition of CRGT from Veritas Capital for an undisclosed sum. Reston, Va.-based CRGT is a provider of custom software development and data analytics to federal government agencies.

Bridge Growth has also been busy beefing up its tech advisory board. Last month it announced that Fred H. Langhammer, chairman of global affairs at The Estee Lauder Companies, would join the board. Earlier this year, Bridge Growth said it appointed Peter Griffiths, former VP of products for CA Technologies, to the board.

Bridge Growth was launched two years ago by Sander Levy, former managing director at Vestar Capital, Alok Singh, former managing director at New Mountain Capital, and former Deltek CEO Kevin Parker. All three are listed as managing principals on the company’s website.