Centerfield Capital Partners has closed its third fund with $171 million in capital commitments, exceeding its $150 million goal.
The fund, called Centerfield Capital Partners III, will invest in a combination of subordinated debt and equity in companies that generate between $15 million and $100 million in revenue. The private equity firm intends to invest two thirds of the fund in subordinated debt, and one third in equity.
Centerfield plans to invest between $4 million and $12 million in each deal. The firm has already made eight investments from the new fund: Banner Service Corp., Battery Solutions, Direct Marketing Solutions, Duplication Services, Imaginetics, Matilda Jane Clothing, Rio Brands and Venture Technology Groups.
The firm, headquartered in Indianapolis, manages more than $300 million in assets across three funds. Investors include pension funds, fund of funds, insurance companies, banks, university endowments and foundations. Centerfield focuses on investing in lower middle-market companies.