Axxon Brazil Fund III closes on $400m hard-cap

The fund surpassed its original $350m target thanks to demand from new and returning investors from North America, Europe and Latin America.

Brazilian firm Axxon Group reached final close for its Axxon Brazil Private Equity Fund III on its $400 million hard-cap, surpassing its original $350 million target.

The firm cited significant demand from both returning and new LPs.

Investors came from North America, Europe and Latin America and from different categories such as endowments, foundations, public and private pension funds, financial institutions, advisors, family offices and fund of funds.

The Texas County and District Retirement System committed $30 million to the fund, according to PEI’s Research & Analytics division, which states that Axxon targets equity investments of between $20 million and $50 million in companies with a maximum of $300 million in revenue.

Axxon has been involved with co-investing since its inception and has deployed over $350 million in 12 companies and 10 add-ons, according to PEI data. It manages $375 million in assets.

Stanwich Advisors was the placement agent for the fund, its sixth private equity fundraising mandate in Latin America.

A spokesperson at Axxon was not available to comment.