FLAG Capital Management, which has its roots backing venture funds with family office money, is ready to close on a third private equity fund of funds. The pool is earmarked for about 20 managers, largely buyout firms.
As of early June, the firm had raised at least $350 million for the fund, which has a $400 million target. A spokeswoman for FLAG declined to comment.
FLAG Capital has already agreed to commit to invest in funds raised by New York-based Cerberus Capital Management; Boca Raton, Fla.-based Sun Capital Partners; and San Francisco-based tech buyout specialist Golden Gate Capital.
Co-founding FLAG Capital in 1994 were Diana Frazier, who previously spent nine years with BancBoston Ventures, and Peter Lawrence, who previously spent 12 years managing private equity portfolios for the Marshall Field family office. “FLAG” stands for “Frazier, Lawrence and the Gang.”