Snow Phipps Nears Target For Fund II

Firm: Snow Phipps Group LLC

Fund: Snow Phipps II LP

Target: $700 million

Amount Raised: $612.7 million

Placement Agent: Credit Suisse

Snow Phipps Group LLC is closing in on its $700 million target for its sophomore fund, having closed on $612.7 million from 63 investors for the fund, Snow Phipps II LP, according to a regulatory filing.

The New York firm held a $308 million first close in January 2010, according to Thomson One, a sister database service to Buyouts. The firm began fundraising in the fall of 2009 for the followup to its $600 million debut fund.

The firm was founded in 2005 by Ian K. Snow, CEO and partner, who had been with Ripplewood Holdings LLC from its inception in 1995 to March 2005, and Ogden Phipps II, partner, who had been a founding partner and president of Guggenheim Merchant Banking, the private equity arm of Guggenheim Capital LLC.

Snow Phipps Group invests in middle-market companies in the specialty franchising, basic and process industries, apparel and luxury retail, media technology, specialty finance, IT services and telecommunications equipment and industrial components sectors, according to peHub, a sister Web site.

The firm targets companies primarily located in North America with enterprise values ranging from $100 million to $500 million that require equity investments ranging between $40 million and $100 million, according to the Snow Phipps Group Web site.

Top co-investors include Citigroup Private Equity, Bregal Investments, Kohlberg Kravis Roberts & Co., SAC Capital Advisors LP and Sterling Partners, according to Thomson One.

Credit Suisse is the firm’s placement agent. The firm did not respond by deadline to a request for comment.