Firm: FLAG Capital Management LLC
Fund: FLAG Private Equity VI LP
Target: $225 million
Working out of its offices in Stamford, Connecticut, Boston and Hong Kong, FLAG Capital plans to win commitments for FLAG Private Equity VI LP after raising about $220 million for FLAG Private Equity V in 2012. That pool is close to being fully invested, according to a source.
The new pool will focus on funds of less than $1 billion in size and will typically target investments in funds averaging about $350 million each. The firm would take aim at funds specializing in specific industries, countries or regions, although it also backs generalist funds. Outside of its primary funds, FLAG Capital also looks at secondary interests, co-investments, separate accounts for LPs and direct investments.
No stranger to the fundraising trail, FLAG Capital in May closed on $200 million in commitments for FLAG Energy & Resources Partners III, a fund of funds focused on managers with investments in oil and gas, mining, power generation and agriculture.
Tracing its roots to venture capital investing at its launch in 1994, FLAG Capital has received about $7 billion in client commitments. It now invests in venture, real assets and private equity vehicles. In 2012, it purchased Hong Kong-based Squadron Capital Management.