Huntington holds $78m second close

The California-based mezzanine provider is nearing its $100m target for Huntington Capital Fund II, which will be invested in mid-market companies in the southwestern US.

Huntington Capital, a San Diego, California-based mid-market mezzanine provider, has completed a second close of its Huntington Capital Fund II on $78 million. It plans to hold a final close on $100 million in early 2009.

The fund's investors include Hamilton Lane on behalf of the California Public Employees' Retirement System, Invesco Private Capital and Impact Private Capital.

The firm, founded in 2000, provides debt and equity financing to established lower mid-market companies throughout California and the southwestern US, with companies with revenues of between $10 million and $60 million to be targeted by the newest fund. The average amount invested will be between $1 million and $6 million.

Managing partner Morgan Miller said in a statement that Huntington tends to focus on companies in the manufacturing, healthcare, information technology and homeland security businesses that have had difficulty securing all of the financing they require. He added that the firm serves to fill the gap between venture capital equity and commercial bank debt.

In the last two years Huntington has invested $1.4 million in Michael’s Bakery Products; $1.4 million in automotive products manufacturer Turbo International; and $1 million to residential facility Autumn Years at Ojai, all of which are based in California.