Texas-based private equity firm Teakwood Capital has glided past the target for its third fund by holding a $90m final close for the vehicle.
AltAssets revealed in August last year that the firm was hoping to pick up $75m of commitments for the fund following a successful $40m second fundraise in 2012.
Teakwood said the “market leading performances” of its previous vehicles has helped it close Fund III in just six months without resorting to a placement agent.
Managing director Shawn Kelly said, “We are very pleased with the progress we’ve made building Teakwood Capital into a high-performing private equity firm.
“Teakwood brings together superior deal flow and decades of expertise in rapidly growing companies, and when combined with world-class management teams, Fund III allows us to double-down on a proven strategy.”
The firm said it would continue to target technology-focused, profitable companies with revenues below $25m.
Teakwood typically focuses on companies in Texas and neighbouring states.
Last June Teakwood hired serial software company entrepreneur Kevin Klausmeyer as an executive partner to provide strategic and tactical counsel to its portfolio company management teams.
Earlier that year the firm exited its minority stake in consumer debt purchaser Global Acceptance Credit Company (GACC).
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