Tower Arch closes debut fund on $255m


archPrivate equity firm Tower Arch Capital has reportedly closed its inaugural fund on its revised hard cap.

The fund has raised $255m, just over its initial cap of $250m, said Dow Jones, citing a person familiar with the offering.

Tower Arch Partners I was launched at the beginning of the year with a $175m target and closed on $204m in May, according to the report.

Earlier this year it was reported that the fund had been backed by founders and senior executives of portfolio companies that its founders backed at other firms.

Hunstman Corp founder and HGGC co-founder Jon Huntsman is also an LP in the fund, according to a Dow Jones report.

The Draper, Utah-based firm is focused on acquiring controlling stakes in entrepreneur and family-owned businesses with revenues of between $10m and $100m or EBITDA of $3m to $15m.

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