Dow Jones reported the news, citing two people with knowledge of the fund offering.
AltAssets reported back in October that the firm had gathered more than $28m for the fund from 26 LPs.
No target was given for the vehicle in a filing with the US Securities & Exchange Commission, but the form added that the firm expected to complete the fundraise within 12 months.
The firm was founded last January by Jay Coughlon and Kevin Mitchell to target companies with EBITDA of $2m to $20m in sectors such as specialty agriculture, energy and environmental services.
Coughlon previously spent 12 years with Denver-based buyout house KRG, starting as an associate and joining the investment committee in 2007.
He closed 36 platform and add-on deals and worked on the boards of portfolio companies including Fire & Life Safety America, Avizent and Focus Corporation.
Coughlon previously worked for Banc of America Securities in mid-market financial sponsor leveraged finance.
Mitchell was formerly managing partner of RedCloud, a lower mid-market private equity house he founded in 2005.
He originated and executed all five of the firm’s platform investments and served on all of its portfolio company boards.
Prior to RedCloud he was managing director of FMI Corporation, a mid-market investment banking and management consulting firm focused on engineering and construction.
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