The firm did not respond to a request for comment.
The firm has yet to hold a first close on Marwit Capital Partners III. The target for fund III is a modest step-up from its predecessor. Marwit Capital II, which closed in September 2007 with pledges totaling $183 million, was targeted at $175 million.
Limited partners in the second fund include Banc of America Capital Access Fund (which manages money from the California State Teachers’ Retirement System), the California Public Employees’ Retirement System, Arlington Partners, Keystone Private Equity, Siguler Guff and WP Global Partners.
Marwit Capital makes investments of $10 million to $20 million in businesses with annual revenue ranging from $15 million to $125 million. The shop got its start as part of the Small Business Investment Company program in the 1960s, investing in various parts of capital structures of middle market companies. Marwit Capital is run by Chris Britt and Matthew Witte, who launched the fund’s formal buyout-related efforts in the mid-1990s.
Portfolio companies include Boot Barn, a western-themed specialty retailer; Fire Grill, a Burger King franchisee; Gregg Gift Co., a maker of licensed giftware products for Christian retail stores; Traffic Control & Safety Corp., a traffic control services business; and T and T Industries, a maker of twist ties. —Erin Griffith