Lower mid-market buyout house Pharos Capital Group has reportedly beaten its $400m target for its third buyout fund after a couple of years on the road.
The US firm is still fundraising for the vehicle despite holding a $405m close according to Dow Jones, which cited a person with knowledge of the matter.
It said Pharos was targeting another $50m to $100m by the end of 2013.
The firm, which was founded by Kneeland Youngblood and former Goldman Sachs executives in 1998, held a $121m first close for the vehicle according to a US securities filing at the time.
It looks to make growth and later-stage capital investments in businesses at the cash-flow break-even point, and targets commitments of between $10m and $30m.
Portfolio companies include healthcare and disease management business Gordian, senior citizen home rental business LifeTrust America and smartphone content provider Handango.
In July Pharos exited its investment in metal and synthetic implant products maker Pioneer Surgical Technology as part of its $130m takeover by RTI Biologics.
Pharos made its first investment in Pioneer in December 2006 when it led a $30.5m preferred equity private placement, which was followed by a $17m Series B investment two years later.
Both investments were made out of the firm’s Pharos Capital Partners II fund, which gathered $320m in 2006.
That fundraise followed the firm collecting $155m for its debut investment vehicle in 2000.
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