Fund news in brief – February 24, 2014

Coach House Capital, a Vermont-based private equity firm, has launched marketing on its debut fund Coach House Private Equity Fund to target the collector vehicle market. The fund will not pay carried interest to the GP, and will have a 10-year term.

Elbrus Capital has reached a final close of Elbrus Capital Fund II with capital commitments of $550 million. The fund was oversubscribed, exceeding its target of $500 million and reaching its hard cap.

Enlightenment Capital has raised $80 million in the final close of its debut fund. Based in the Washington, D.C., area, Enlightenment Capital is a private investment firm that provides funding to mid-market companies in the aerospace, defense and government sectors.

The government of Equatorial Guinea has committed to support foreign investments with a co-investment fund of 500 billion Francs CFA ($1 billion). The fund will aim at fueling the state’s overall strategy to diversify the economy beyond oil and gas.

Greybull Stewardship has closed a $20 million evergreen investment fund, which launched in January 2010. Existing limited partners increased their commitments and the firm added new LPs for the fund’s second, four-year cycle. Greybull focuses on growing, profitable companies in the lower mid-market with $1 million to $3 million in EBITDA.

Lovell Minnick Partners is out fundraising for its fourth fund, three sources told peHUB. The buyout firm is seeking $550 million for Fund IV, although the pool does not have a hard cap and Lovell is not using a placement agent, the sources said.

Mezzvest has closed MezzVest III with total commitments of 585 million euros ($796 million). London-based MezzVest is a pan-European provider of subordinated debt, focused on financial-sponsored midcap companies located or headquartered in Western Europe. FIRSTavenue, a global private placement agent and advisory firm that assisted with the fund, announced the result.

Global private markets investment manager Partners Group has closed its 2012-vintage private equity direct investment program. The program is the third and largest in Partners Group’s direct investments series of private equity programs.

Revetas Capital Advisors, a specialist real estate investment adviser focused on over-leveraged, distressed and under-performing opportunities in Central and Eastern Europe, has reached a first close of its CEE-focused real estate fund, Revetas Capital Recovery Fund I LP. The fund has also made three initial investments in Hungary and Poland and a strategic new partnership with the private equity investor, JRJ Group.

Vortus Investments, a young, energy-focused private equity firm based in Fort Worth, Texas, is in the market targeting $400 million for its debut fund.