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Brazos closes $700m fund24/09/2008. Source: AltAssets. 
 Dallas-based Brazos Private Equity Partners has closed Brazos Equity Fund III on above $700m, the hard cap of the fund. The fund had an original target of $600m.
Fundraising began about six months ago, the firm said.
Investors in Brazos III include multinational government and corporate pension funds, endowments, foundations and financial institutions.
Brazos III will continue to focus on mid-market companies with enterprise values between $50m and $400m and operating primarily in the manufacturing, consumer, healthcare, distribution and financial services sectors. In particular, the fund will invest in closely held and family-controlled businesses in the Southwestern US.
Brazos partner Randall S Fojtasek said, 'My partners and I are delighted by the positive response to our new fund. The strong demand for Brazos III is a by-product of our team's continued focus on the proven, differentiated investment strategy that has driven our success to date. The Brazos team is grateful for the confidence placed in us by core limited partners that have chosen to invest with us again, as well as by several new investors whose commitments reflect the continuing growth and development of our firm.'
Brazos now has approximately $1.4bn in capital under management. The firm closed its previous fund, Brazos II, in 2005 with capital commitments totalling $400m. Fund II is fully committed now.
The firm's first fund closed in 2000 on $250m.
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