Private 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.
The new vehicle will keep the $400m target of Squadron Asia Pacific Fund III, according to a source familiar with the matter.
Copyright © 2012 AltAssets