Valor closes third fund on $490m

About 32 percent of capital from Fund III has been invested

Valor Equity Partners, the Chicago-based expansion, growth and buyout firm, has closed its third fund at $490 million (£320 million; €435 million) reaching its extended hard cap and surpassing its initial $350 million target, according to a statement.

All institutional pension and family office investors in Valor's second fund committed to its latest vehicle.

As of 31 March 2015, the Valor Equity Partners III fund was already about 32 percent invested in the following companies: Addepar, Fooda, Porch.com, Renovate America and SpaceX.

The fund, launched in 2013, focuses more on growth equity than Fund II, according to PEI's Research & Analytics division. Fund II, which launched in 2007, beat its $200 million target by closing on $250 million.

The firm has $1 billion of assets under management and made 66 investments in the past 20 years.

Kirkland & Ellis were legal advisers on the third fund.