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PE fund briefs, week of Dec. 1, 2008

Vanterra Capital holds close on debut fund

Vanterra Capital has held a $152 million first close on its debut fund-of-funds, and the firm expects to hit its $300 million target early next year. The New York-based firm focuses on opportunities in the lower middle-markets, and is managed by Shad Azimi (former principal with New York Life Capital Partners), Alan Quasha (CEO of Quadrant Management) and Jason Young (managing director of Quadrant Management).

CapStreet holds first close

The CapStreet Group, a Houston-based private equity firm focused on the lower middle-markets, has secured more than $80 million for a first close on its third fund. The firm is targeting the fund at $200 million. CapStreet raised $370 million for fund II, which closed in 2000.