Lower mid-market financing firm Farragut Capital Partners has raised $32.75 million towards a $75 million target for its Farragut Mezzanine Partners III fund, according to a US Securities and Exchange Commission filing.
It is unclear whether the Washington, DC area firm’s latest filing signifies a close. Managing partner Phil McNeill, senior partner Cabell Williams and partner Javier Aguirre could not be reached for comment.
The fund includes commitments from “financial institutions, family offices, and business leaders in the DC-metro area”, according to a July statement.
Farragut provides senior subordinated debt and structured equity capital to lower mid-market companies with “demonstrated track records of profitability”, according to its website. The firm typically provides between $2 million and $8 million per investment with three to seven year investment horizons.
The firm invests in asset-light companies with revenues of at least $10 million in the niche and light manufacturing, business services, distribution and media sectors.
The firm has already made at least five investments through Fund III, including an investment in AVL Digital Group announced in January. The US Small Business Administration licensed Farragut to operate as a small business investment company in July 2012.
Farragut was founded in 2011. McNeill, Williams and Aguirre had previously worked together at Farragut’s predecessor firm, SPP Mezzanine Partners, according to the Farragut's website.