Solamere Capital to close above target

After more than a year of fund-raising, Solamere Capital, the private equity firm started by Tagg Romney, is finally closing its debut fund, beating its $200 million target.

The Lexington, Mass.-based firm will hold a final close by the end of the month on a total sum of slightly greater than $200 million, according to a source familiar with the situation.

Solamere Capital formed in June 2008. A year later, the firm filed a Form D that showed $186 million in commitments from 39 investors to Solamere Founders Fund I.

Tagg Romney, the son of Bain Capital founder and one-time presidential candidate Mitt Romney, formed Solamere with a varied crew of co-founders. They include Spencer Zwick, the director of finance on Romney’s presidential campaign; John Miller, the former CEO of National Beef Packing Co.; and Eric Scheuerman, formerly of Jupiter Partners. The firm also hired Allan Dowds, the former CFO of J.W. Childs Associates.

The firm’s strategy, according to its website, is to identify private equity opportunities through the founders’ “unparalleled networks, business expertise, and access to compelling opportunities.”

The site explains that that includes direct buyouts, co-investments and fund-of-fund investments. —Erin Griffith