San Mateo, California-based firm Betram Capital has closed its third private equity fund with $500 million in capital commitments. Betram Growth Capital III plans to help “transform under-optimized businesses” in the business services, consumer, industrial and manufacturing sectors.
Fund III will target middle-market businesses generating a minimum of $25 million in revenue and $5 million in Ebitda. The fund has already invested in three platform companies to date: Anord Mardix, Spectrio and Trademark Global. Betram Growth Capital III has received investments from a variety of sources including: endowments, insurance companies, multi-manager funds, consultants, public pensions, corporate pensions and family offices.
Investment bank Sixpoint Partners assisted in the fundraise. Kirkland & Ellis provided legal counsel in connection to the fund.
Numerous firms have raised middle-market funds, including: Blue Wolf Capital Partners LLC’s closing a $540 million PE fund; Private Advisors’ raising the firm’s seventh small business PE fund; Saw Mill Capital’s closing of a new investment fund with $340 million in commitments; Industrial Opportunity Partner’s (IOP) raising its third fund with $450 million; Platte River Equity's IOclosing the firm’s fourth fundraise; CVC Capital Partners’ $18 billion fund to target U.S. and European investments; the Riverside Co.’s first minority investment fund in April 2017.