JZ Partners, a private investment firm specialising in growth equity and management buyouts, has held a first close on €237 million for its JZI Fund III this month, a source close to the matter told Private Equity International.
This places the fund more than three-fifths of the way to reaching its target, which is set at €350 million, the source said.
According to JZ Partners’ filing with the US Securities and Exchange Commission, the fund is accepting a minimum amount of $260,460 from any outside investor.
Earlier this month JZ Capital Partners, whose private investments are advised by JZ Partners, announced that it has committed €75 million to the fund. JZ Capital Partners’ cofounders and investment advisers David Zalaznick and Jay Jordan, and the European management team, have committed €25 million, and institutional investors and family offices committed to the fund as well.
According to a statement from the firm, Fund III will invest mainly in lower middle market companies in Western Europe with an annual profit of between €5 million and €20 million.
JZ Capital Partners manages more than $1 billion in assets, according to JZ Partners’ website.