New York-based mid-market firm TZP Group has held a first close on $180 million for its TZP Capital Partners II Fund.
Fund II has a target of $300 million, according to documents filed with the US Securities and Exchange Commission. The firm’s previous fund closed on $180 million in 2009.
TZP Group declined to comment on fundraising.
TZP focuses on control investments of between $20 million and $80 million in businesses with enterprise values of up to $250 million. The firm targets companies in the consumer and business services sectors, in segments such as franchising, outsourced business and IT services, marketing and media services, travel and lodging, real estate services and specialty finance.
In April, TZP completed an investment in Las Vegas-based hospitality company BQ Resorts. The firm’s existing portfolio of companies includes IT business DLT Solutions, service company franchiser The Dwyer Group and new media marketing company Water Cooler Group.
TZP was founded in 2007 and made its first investment in 2009, investing $20 million in marketing and production services company avVenta Worldwide. The firm is led by managing partner Samuel Katz, a former vice president at The Blackstone Group, and partners Vladimir Gutin and Dan Galpern.