Hastings Equity targets $200 mln for Fund III

• Firm has collected $52 mln for a first close

• Second close expected in H1

• Fund III targeting $200 mln

The firm, which has offices in Needham, Mass. and Houston, is seeking $200 million for Fund III, the person said.

News of the fundraising was disclosed in a regulatory filing last month. Hastings, which began marketing for Fund III in the fall, expects a second close sometime during the first half of 2014, the source said.

t $200 million, Fund III is more than triple the $60 million raised by Hastings’ second fund in 2008. The firm’s debut pool collected $25 million in 2005.

Hastings is not looking to go “upmarket” with Fund III, the source said. Instead, the firm wants to do more deals and build larger platforms.

The private equity firm targets lower middle-market companies in energy services and equipment, typically investing between $5 million to $20 million of equity per deal, according to the firm’s website.

Last week, Hastings made its first investment from Fund III in Extreme Plastics Plus.

Fairmont, West Virginia-based EPP is an oilfield environmental services company that seeks to protect well sites from liquids leaking into the soil and surrounding area.

Officials for Hastings declined comment.

Luisa Beltran is a senior reporter for peHUB