Tower Three Partners sets $400m target for second mid-market fund

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Tower Three Partners, a Greenwich, Connecticut-based buyout firm focusing on turnaround investments in the US mid-market, has set a $400m target for its second fund.

Tower Three Partners II will follow the same strategy as its predecessor, which made control investments of $50m to $150m in distressed and underperforming assets.

The vehicle invested $175m alongside consumer focused buyout firm Catterton Partners in Restoration Hardware, which filed for its initial public offering in September last year.

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