CapStreet boosts Fund IV to $340 mln for last minute LP

Firm: CapStreet Group

Fund: CapStreet IV LP

Target: $250 million

Amount Raised: $340 million

Placement Agent: None

In fact, CapStreet got approval from LPs to increase the cap on CapStreet IV LP to make room for the last minute LP, Kelly told sister website peHUB.

CapStreet had closed its fourth fund on its hard cap of $325 million after about three to four months in the market, peHUB reported in April, based on an earlier interview with Kelly. With the inclusion of the additional LP, CapStreet closed Fund IV on $340 million. The firm originally had set a $250 million target for the pool.

“There will be no more changes, and the total amount raised was $340 million,” Kelly wrote in an email to peHUB.

The new fund has not yet been activated and will not call its first capital until possibly the third quarter, Kelly said. The firm will not begin collecting management fees on the fund until it begins investing, he said. The firm appears not to have used a placement agent, according to the most recent regulatory filing.

CapStreet targets lower mid-market companies with enterprise values of less than $150 million. The firm, based in Houston, was formed in 1990. CapStreet closed its third fund on $178 million in 2010.

Chris Witkowsky is editor of peHUB.