CapStreet raises $500m

The Texas manager closes its fifth fund.

CapStreet Group held a final close of CapStreet V at $500 million. The fund’s initial $400 million target was later increased to $499 million.

The firm raised $340 million for their prior fund, CapStreet IV, which closed in May of 2014 after targeting $250 million.

CapStreet invests in lower mid-market companies in the industrial and business services sectors in North America.

Known commitments to Fund V include $75 million from The New York State Teachers’ Retirement System and $21.5 million from The Guardian Life Insurance Company of America, according to PEI data.

Willkie Farr & Gallagher LLP served as legal counsel for the fundraise.