Private equity firm Tower Arch Partners has beaten the $175m target for its maiden fund.
Tower Arch Partners I has received commitments of $204m and expects to hit its $250m hard cap within the next several weeks, a person familiar with the effort told Dow Jones.
Back in January reports said that Tower Arch was nearing a close of between $75m and $85m for the fund.
The fund has reportedly been backed by Tower Arch’s 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 Salt Lake City-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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