Medina Capital collects nearly $70m for first close of debut fund


server5_lrg1Medina Capital, the growth equity investment firm formed by former Terremark CEO Manuel Medina, has pulled in close to $70m towards its debut fund.

The firm has tapped 48 investors for $69.8m according to a filing with the US securities regulator, and has held a first close on that amount, source told peHUB.

AltAssets revealed 12 months ago that the firm had launched its debut vehicle targeting $250m, which will be used to make early-stage growth investments in technology companies.

The firm was launched in 2012 following the purchase of managed IT infrastructure company Terremark by Verizon in a $2bn deal.

A non-compete agreement between Medina and Verizon expired in the summer of that year, leaving Medina free to being building its portfolio.

The firm targets deals of between $10m and $20m through preferred equity investments, although will also consider structuring transactions through convertible debt or common stock according to its website.

It aims to pick up majority control or a significant minority interest in businesses related to the IT infrastructure sector – primarily cloud and virtualization, cyber security, software defined security, software defined networking and big data.

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