Lower mid-market debt and equity provider Leeds Novamark Management has beaten its target for its debut fund by holding a $236m final close.
The Virginia-based firm’s fundraise was boosted with capital from the US government’s Small Business Administration scheme, which matches fundraising dollars for vehicles looking to back small and medium-sized enterprises in the country.
AltAssets previously reported that Leeds Novamark Capital I fund had raised $130m by October 2013.
Fund managing partners Robert Monk, Mark Raterman and Matt Kelty have invested approximately $1.3bn in 40 transactions over the last 20 years.
Structured as a Small Business Investment Company, LNC typically invests between $5m and $20m per transaction in the form of unitranche senior debt, subordinated debt, or equity and targets high-quality businesses with EBITDA of at least $2m.
LNC has no particular investment focus, but has experience in services including insurance, information, software and software as a service, healthcare and corporate training.
Copyright © 2014 AltAssets