Frontier Capital raises $700 million

The Charlotte-based firm surpasses target size for fifth flagship fund.

Frontier Capital held a final close for its fifth institutional vehicle at $700 million.

Frontier Capital V, which surpassed its target of $500 million just six months after launching in May 2017, will continue the firm’s strategy of providing growth equity to lower middle-market software and business services companies. According to the firm’s press release, the fund will invest in bitesizes of $15 million to $75 million.

Investors in the fund include the Employees’ Retirement System of Texas, which committed $50 million, and the Maryland State Retirement and Pension System at $75 million.

The Charlotte-based firm’s previous flagship fund, Frontier Capital IV, raised $390 million in 2014.