Pharos Capital Group has collected about $405 million for its third fund, which consists of two parallel funds targeting $400 million, a source familiar with the fund told Private Equity International on Friday.
Pharos declined to comment.
The source was unsure of the parallel funds' structure but said Pharos expects to collect between $50 million and $100 million of additional commitments and close the fund before the end of the year.
According to a document filed with the US Securities and Exchange Commission on 30 August, Pharos had raised $204.4 million for Fund III, though it is unclear for which of the parallel funds. A 4 July SEC filing showed Pharos had raised $121.7 million. In July 2012, the firm had raised $121.4 million, for one of the funds.
The fund launched in 2010 but fundraising didn't really take off until 2011, the source said.
Pharos’ prior fund closed on $400 million in 2005, but reopened for additional commitments in 2008. LP commitments came from Chicago Teachers’ Pension Fund and the City of Philadelphia Board of Pensions & Investment, PEI data shows.
Pharos has $600 million in assets under management and seeks investments between $10 million and $30 million. The firm focuses on North America’s healthcare, technology and support services sectors.
Its portfolio includes Travel Holdings, a travel services wholesale company and infrastructure software producer StreamServe, according to Pharos’ website.
Headquartered in Dallas and Nashville, the firm was founded in 1998. It is led by principal Joseph Acevedo and co-founders Bob Crants, Michael Devlin and Kneeland Youngblood, according to the website.