DFW Capital collects $100m for Fund IV

The New-Jersey based firm will target investments in lower mid-market healthcare and industrial services companies.

DFW Capital Partners has collected about $100 million for its Fund IV, which launched last year, according to documents filed with the US Securities and Exchange Commission. The $100 million includes about $9 million raised in a separate co-investment vehicle, the filings disclosed.

The firm had raised $43 million as of November 2012, according to SEC filings. The documents did not disclose the fund’s target, though it is estimated at around $150 million, with a $200 million hard-cap, according to a previous report from Dow Jones.

DFW declined to comment.

DFW Capital Partners III closed on about $54 million in April 2010. The capital was used to invest between $5 million and $20 million in five separate portfolio companies, according to the firm’s website.

DFW focuses on investments in lower mid-market companies in the healthcare, business and industrial service sectors. The firm targets businesses with annual revenues between $20 million and $100 million. Its investments are typically exited to strategic or financial buyers for cash, according to the website.

DFW’s portfolio includes Maryland-based Advanced Pharmacy and Tennessee-based Covenant Surgical Partners.

Based in Teaneck, New Jersey, the firm is led by managing partner Keith Pennell, a former partner at First Atlantic Capital, and four other partners.