Pharos Capital Group has raised $121.7 million for Fund III, as of Wednesday, according to documents filed with the US Securities and Exchange Commission. The fund has not had its final close, according to a source familiar with the firm.
Fund III, a 2010 vintage, is targeting $400 million, according to Private Equity International’s Research and Analytics Division.
In September 2010, Louisiana Teachers’ Retirement System committed $35 million to the fund. “[Pharos] fills the middle market buyout space for us,” Philip Griffith, Louisiana Teachers’ chief investment officer, told PEI earlier.
Pharos’ Fund II raised $400 million, according to PEI’s research. The firm’s second vehicle originally closed in 2005 but reopened for additional commitments in 2008, PEI previously wrote.
Pharos Capital Partners has $600 million in assets under management, according to PEI’s data. The firm’s average investment size is between $10 million and $30 million. Investments are made in North America's healthcare, technology and support services sectors.
The firm is led by principals Joseph Acevedo, former business and development director at Univision Communications, and co-founders Bob Crants, Michael Devlin and Kneeland Youngblood.