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Leeds Novamark closes first fund $11m above $225m target

18 Jun 2014

dartboardLower 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.

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