Nautic raises $235.6m for Fund VII

The mid-market fund is moving closer to its $800m target.

Nautic Partners’ Fund VII has raised $235.6 million, according to documents filed last week with the US Securities and Exchange Commission. The fund, which launched in July 2012, is targeting $800 million, according to SEC documents.

Nautic’s previous fund fell short of its $1.2 billion target and raised about $780 million at its close in 2008, according to SEC filings.
Nautic declined to comment.

The New York State Teachers’ Retirement System committed up to $100 million to Fund VII last October. Other limited partners include Guardian Life Insurance Company of America and the New York City Employees’ Retirement System, PEI reported earlier.

The Providence, Rhode Island-based firm focuses on business services, healthcare and manufacturing companies. In February, Nautic exited its fourth portfolio company since November 2012. Nautic sold liquid and powder drink concentrates producer Big Train to Kerry Group. Financial terms were not disclosed, according to the firm’s website. Nautic’s last acquisition was a year ago when it invested $66 million in LifeStreet Media — application advertiser for Facebook, Apple (IOS) and Android software. At that time it acquired California vision insurance company, Superior Vision Holdings.

Nautic was founded in 1986 and has more than $2.5 billion of equity capital under management, according to its website. The firm’s team consists of eight managing directors, led by Habib Gorgi, PEI reported earlier. A number of principals and other associates make up the group. Nautic also has proprietary relationships with five veteran executives who lead the firm’s Operating Group.