Lower mid-market private equity firm Westview Capital Management has held a final close for its third buyout vehicle on its $430m target.
The close marks a rapid fundraise for the firm, with the fund only being registered with the US Securities and Exchange Commission in May this year.
Westview said the fund was “significantly oversubscribed” , receiving strong support from its Fund I and II investors.
The firm’s second fund exceeded its target of $300m, as did its first fund, which closed on $195m above the initial target of $170m in 2005.
Westview targets companies with EBITDA of $3m to $20m, taking minority and majority stakes through spends of between $10m and $40m.
It has invested in more than 60 lower mid-market businesses since it launched in 1990, helping them raise more than $1bn in additional capital and backing them for 100 bolt-on acquisitions
Managing partner and co-founder Rick Williams said, “Our new fund will allow us to continue to execute on the strategy that has made our first two funds successful.
“We look forward to partnering with outstanding management teams and employing the flexible structure that has helped us generate strong results to this point.”
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