Serve Capital back with second fund of funds raise, with eyes on niche vehicles

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Fund of funds investor Serve Capital is back raising its second investment fund to follow the debut vehicle it launched two years ago.

The firm has secured at least $68m of capital commitments for Fund II to date from at least 78 limited partners, according to a filing with the US SEC.

Serve has not registered a target for the fund. The firm had pulled in just over $52m for its debut fund in 2017, a separate filing shows, although it has not publicly revealed a final close amount.

The Texas-based PE house typically invests in SBIC and lower-mid market funds, but also participates in co-investment deals. The firm has a focus on niche areas of the private equity market which are “difficult to identify and access”.

The firm has bucked the recent trend of growing fund-sizes, by committing to raise smaller funds, Serve said on its website.

Serve was founded in 2016 by former University of Texas Investment Management Company investor Scott Bigham.

He previously spent more than a decade with the UTMCO as a senior member of its private investments team.

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