Southlake, Texas–based private equity firm Prophet Equity has closed its second fund on $345m, making it substantially larger than its 2008-vintage $271m debut vehicle.
The fund held a first close on $255.6m in April this year which included a $20m commitment from the firm.
Prophet invests between $5m and $50m in businesses with annual sales of up to $500m with enterprise values of between $10m and $250m.
It is focused on the transportation, business and consumer services, consumer products, aerospace and defence, financial services, healthcare, manufacturing and energy sectors.
Its current portfolio companies include recycled stainless steel, alloys and titanium supplier Keywell Metals, metal stampings manufacturer Hatch and fracturing materials logistics company Francis Drilling Fluids.
Similar-sized funds currently in the market include Mid-market buyout firm Dominus Capital’s second fund, which is targeting $350m.
If the vehicle closes on its target, it will be smaller than the firm’s $375m first fund.
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