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FLAG Capital raises nearly $400m for two funds of funds

31 Oct 2013

dollar4_sqPrivate equity firm FLAG Capital has raised nearly $400m for two fund of funds vehicles.

The Connecticut-based firm’s Private Equity (FPE) V has raised $217.3m from 53 LPs, while FLAG Venture Partners (FVP) VIII has received commitments of $177.3m from 84 investors, according to documents filed with the US Securities and Exchange Commission.

FPE V has already exceeded its reported target of $200m and is now aiming to raise $220m, according to the filing, while FVP VIII is targeting $275m.

Last year the firm slashed the minimum commitment requirement for FPE V to $500,000 from $3m and the latest filing showed that it is now accepting commitments of as low as $250,000.

Earlier this year Flag acquired an Asia-based fund of funds by picking up Squadron Capital.

The firm’s takeover of the $1.5bn asset manager will bring the firm’s total AUM to more than $6bn when the deal closes, which is expected to happen by the end of the year.

Flag and Squadron planned to merge the two Asian investment vehicles they are currently raising following the deal, AltAssets reported.

The new vehicle will keep the $400m target of Squadron Asia Pacific Fund III, according to a source familiar with the matter.

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