Lower mid-market firm Bay Capital Investment Partners’ latest mezzanine fund has topped its target, an SEC filing showed.
The BCA Mezzanine Fund II, which launched with a $30m target in March this year, has collected nearly $50.5m, according to the filing.
Bay Capital received commitments from 44 LPs, which had to contribute at least $50,000.
In another regulatory filing in April the firm revealed that it had tapped investors for nearly $21m.
The fund follows the first mezzanine vehicle, which raised $10m in 2007.
Bay Capital targets smaller companies needing “more flexibility than many banks can provide” and who cannot access larger private equity funds. It provides a number of financing options including senior and subordinated debt with warrants and preferred stock and common equity.
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