Patriot Financial Partners has raised nearly $100 million for its second fund, which is targeting $300 million, according a source familiar with the fund. The total amount collected is for Fund II and a parallel fund.
Patriot declined to comment.
Patriot’s debut fund closed on $300 million in 2008, attracting commitments from limited partners including the Pennsylvania State Employees’ Retirement System.
The firm seeks to make investments between $15 million and $35 million in the community banking sector, including public and private banks with assets ranging from $500 million to $5 billion.
Patriot’s portfolio includes California-based Central Valley Community Bancorp and North Carolina bank, Square 1 Financial, according to its website.
Based in Philadelphia, Patriot has more than $325 million in assets under management. The firm is led by managing partners James Lynch, former vice chairman of Sovereign Bancorp, and Kirk Wycoff, former chief executive officer at Continental Bank and at Progress Bank.