DFW Capital Partners has closed DFW Capital Partners V on its $360 million hard-cap, the firm said.
The fifth fund was oversubscribed and surpassed its $300 million target after six months in market.
Its investor base includes both returning and new investors representing public and private pension funds, insurance companies, endowments and foundations, funds of funds, family offices and high net worth individuals, it said. According to PEI Research & Analytics, Montana Board of Investments committed $20 million to the fund.
The firm's previous fund, DFW Capital Partners IV, closed in December 2013 on $162.5 million, above its $150 million target.
Fund IV’s limited partners include investment firm Siguler Guff, asset manager Neuberger Berman, Australian fund of funds Dixon Advisory, Phoenix Life Insurance and Australian asset manager US Select Private Opportunities Fund, according to PEI Research & Analytics.
DFW has been growing its team. Last month DFW hired Andrew White as senior associate from Pulse Equity Partners and In October it hired Cheri Lieberman as chief financial officer from Charterhouse Equity Partners.
DFW makes control equity investments in the lower mid-market healthcare services, business services industrial services and specialty pharmaceutical companies in the mid-Atlantic and Eastern US. The companies it seeks have an EBITDA of $10 million or less, and $20 million to $100 million in revenue.
Griffin Financial Group was the exclusive financial advisor and placement agent for the fund