This is a significant jump for the Minneapolis-based mezzanine firm, as Northstar is coming off of a $303 million fourth fund, which closed in April 2006. But it’s not the first time Northstar exceeded its target. That fourth fund was more than $50 million over target.
Investments from the firm’s last fund ranged from $4 million to $20 million in companies with between $20 million and $150 million in revenue.
Avista to reach first close
Avista’s first fund-raising effort took more than a year. Despite the increase in target size, the firm will likely have a much easier time raising its second fund, says the source.
Smith Whiley raising new mezz fund
The firm, founded by Senior Managing Director Venita E. Fields in 1994, has held two closes to date and plans a final close in November. Previous funds were raised from a mix of endowments, funds of funds and state institutional funds. Funds-of-funds manager
Considering the attraction of mezzanine debt in today’s market, it’s no surprise Smith Whiley has been deploying cash as fast as it can raise it. The firm has accumulated nearly $100 million in commitments for SW Pelham Fund III and put about $90 million to work in deals. The fund had $70 million in commitments locked in at the end of 2007.
Smith Whiley’s investments have gone to support buyout firms and fundless sponsors. The firm has also made direct loans to management teams. With a lower mid-market focus, the firm invests between $3 million and $15 million in companies with enterprise values between $20 million and $250 million and generating more than $3 million in EBITDA.
Smith Whiley focuses on the food, beverage, consumer products, industrial and manufacturing, health care products, and communications and technologies industries.
Intervale closes debut fund
The firm, which also has an office in Houston, Texas, had targeted the fund at $200 million.
Centerview raises $430M
Primus primed for final close
Primus raised $285 million for its fifth fund in 2000.
Wind Point sailing toward first close
Last year, the Southfield, Mich.-based firm invested in five deals and about 15 add-ons. About 60% of Wind Point’s deals are add-ons.
Wynnchurch eyes third fund
The Rosemont, Ill.-based private equity firm will likely seek as much as $150 million more than its last fund, which raised $350 million in 2005.