Teakwood Capital has held a final close on $90 million for its Fund III, which was oversubscribed after just six months in market.
The Dallas-based firm launched the fund with a $75 million target and did not use a placement agent, according to a statement. The fund will invest in technology-focused companies based in Texas and neighboring states, with revenues below $25 million. The firm has yet to deploy any capital from Fund III.
Limited Partners in Fund III include institutions, endowments and family offices. Roughly 50 percent of investors in Fund III are new investors to the firm.
Teakwood’s previous fund collected about $40 million in 2012.
Teakwood Capital was founded in 2005 by a group of former investment professionals from Austin Ventures, an early stage and growth capital investment firm based in Austin, Texas. Teakwood managing director Shawn Kelly helped grow Austin Ventures’ capital under management from $450 million to $3 billion and co-opened the firm’s Dallas office. Teakwood managing director Dan Shimer was previously a venture partner at Austin Ventures.